The ongoing debate of home ownership and renting is a never ending battle. Let’s look what we’re up against with the pros and cons of both.
Renting pros:
- Renting costs considerably less when factoring in all the true costs of owning a home. This means money in the bank and lots of it. If you’re a dual income couple like me, there was lots of discretionary income for trips, new vehicles, investing, etc.
- If something breaks or isn’t working, this is the responsibility of the landlord.
- If you’re uncertain in where your career path is taking you as well, this may be a great option as you have freedom to move or find a new place as needed.
Buying pros:
- When you purchase a home, you build ownership and equity with every payment, your money goes towards something that belongs to you (eventually!)
- Your house, your rules – this is true when it comes to changing the colour of walls, adding art, virtually anything you want to do/add/update/personalize to your home is free reign to let your imagination run wild
- Owning a home is affordable with monthly payments comparable to rent with low interest rates
Renting cons:
- living among other renters, which may not take as much pride as you do in their current home, equals less desirable neighbours
- The cost fluctuation of rent and renewals are ultimately subject to the Landlord’s decisions – housing never really feels permanent
- Limitations in what you can do with the space as it doesn’t belong to you
Buying cons:
- A comprehensive sum of money is required in order to facilitate a down payment, closing costs and other fees associated with buying a home
- May be limited as to what areas you can choose to live in
- Realistically you may not be able to purchase what you want and will have to settle for what you can afford
With all of this information and more it is evident – there is no right or wrong answer. Renting or Buying a new home is what fits your family and lifestyle best. So do your research, look up home builders in and around your city and visit as many showhomes as you can!
