Renting and buying both have their pros and their cons. It really comes down to what your goals and objectives are.

RENTING

PROS

1. Less maintenance & repairs

2. Lower monthly and upfront costs

3. Shorter- term commitment, making it easier to move to a new home, neighborhood or city

4. Protection from decrease in property values

5. Possibility to free up cash to invest or to save a larger down payment for a home

CONS

1. Monthly payments may increase year after year

2. The risk that your lease won't be renewed

3. You are paying someone else's mortgage rather than building equity of your own

4. You can't paint or remodel without the landlord's permission

BUYING

PROS

1. Freedom to renovate or modify your home as you wish

2. You are building up equity in a safe, secure investment as you pay down your mortgage

3. Potential for rental income if you include a secondary suite

4. Stability and peace of mind that comes from being in control of your investment and owning the place where you live

CONS

1. The risk of financial loss if your home has lost value when you sell

2. Responsibility for all ongoing costs including mortgage principal & interest, property taxes, insurance and maintenance

3. Monthly payments can increase significantly if interest rates go up at renewal time

4. Possibility of unexpected & potentially costly repairs

There are advantages to both renting and owning a home. If you would like to understand more about the benefits and responsibilities to each before you decide what's right for you, contact us today to speak to a broker.