Is it Better to Rent or Buy a House?

It's a question that many people have: is it better to rent or buy a house?

The answer is different for everyone, but there are some things you should consider.
First, let's look at the obvious: when you rent, you're paying someone else's mortgage. When
you buy a house, you're paying your own mortgage—and if you buy wisely, that means that
over time, your home will become more valuable than it costs.

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But, you need to think about your financial situation. If you have money saved up for a down
payment on a house and can afford the monthly payments on the mortgage and other
expenses associated with owning a home, then buying is probably your best bet. But if you
don't have enough saved up and are worried about being able to make those payments each
month, it might be better to rent until you're in a position where buying makes sense.
Another thing to consider is whether or not you plan on moving soon—if so, renting might be
better because it allows you flexibility in terms of location and price range (you can move
anywhere).

On the other hand, if you plan on staying put for a while or want more stability in
terms of location (or having neighbours), buying may be preferable because it gives you
more security than renting would provide.


There are pros and cons to both renting and buying. If you're considering buying a house, here are some things you might want to think about:

  • You can live in the same place for years without having to move if you buy a house
  • If you buy a house, you'll have an asset that can increase in value over time
  • You can customise your home by adding features like new paint colours or a new kitchen
  • floor
  • If something goes wrong with your home (like a leaky roof), it's up to you to fix it
  • yourself—and the costs could add up quickly!
  • But there are also some things about renting that might appeal to you too:
  • Renting allows you to be mobile and move around more easily—if there's something better
  • in another neighbourhood or another province, then renting makes this possible for much
  • less money than buying would
  • You can often find furnished apartments that allow you to move right in without having to
  • worry about purchasing furniture or appliances.
  • Renting is better for the stable budget. When you rent, you know exactly what your monthly rent will be, so when things break or need maintenance it is usually the landlord’s responsibility. If you are in a fixed lease then the rental amount is also fixed causing less financial stress. 
 
Ultimately, this is a personal decision.
I can help you make the best decision for you by helping you understand all of your options and weighing them against each other.
 
Contact me today if you would like to talk more.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.