Renting vs. Buying

When it comes to getting a new home, there are a few options. Renting and Buying. But which is best for you? Here are the pros and cons of both

Renting

Pros:

• Anything that breaks, a landlord is responsible for fixing. 

• Paying rent on time builds credit quickly.

• Utilities are much cheaper.

• It is easier to budget because payments stay the same every month. 

• It is usually a year to year commitment so it is easier to move around. 

Cons: 

• You are building someone else’s equity.

• You are often restricted to what you are allowed to do in terms of design. 

• The landlord can decide to sell at any point. 

• Rent can go up annually.

• More limited parking spaces. 

Buyings

Pros:

• You will have more space.

• As you make mortgage payments, you build your own equity. 

• Freedom to make any changes to the decor and interior. 

• It is an investment that can double in value. 

• You often have more outdoor space or a basement. 

Cons: 

• Property taxes cost more.

• Maintenance costs are 100% your responsibility.

• You are in charge of fixing anything that goes wrong. 

• As you accumulate items, it may be harder to sell, depending on what the items are and what changes are made to the home. 

• If the market tanks, you may not get as much return on the investment as you put into the home. 

When it comes to renting or buying, only you know what is best for you and your situation. Weigh the pros and cons and make the best choice for you.

Haley Galvin, Marketing/Brand Manager at Realtopia Real Estate