Ready to Make the Big Move?

Embarking on a property journey, you encounter a crossroads: to buy or to rent? This decision is unique to everyone, contingent upon personal, financial, and professional factors. If you have a stable income, a positive employment track record, and the capacity for at least a 5% down payment then it may be the perfect moment to shift from tenant to homeowner.

The Buy or Rent Conundrum

A myriad of circumstances can lead one toward the rental route. Maybe it’s the unpredictable nature of your job income, a recent financial setback, or a career that demands constant relocations—these are among the factors that may guide you toward renting. Here, we delve into the benefits of both property options, giving you a comprehensive perspective on the renting versus owning debate:

Renting

• With a fixed monthly rent payment and consistent utilities payments, renting is a great way to learn to budget
• Renting allows you to live in an area without committing to a large amount of money. You can really “feel out” a neighbourhood or a particular condo building before you decide to purchase there.
• Generally speaking, while renting you are not responsible for maintenance matters around the house. This gives you more time to focus on things like your career and family.
• Renting allows you time to build up your credit and/or save more money towards a down payment so you can get the exact home you are looking for.
• Renting allows for a short-term commitment, providing the freedom and flexibility to move around for jobs when you are first starting a new career. 

Ownership

• Instead of putting money in your Landlord’s pocket, you are using ownership to help increase your own net worth and equity, building your borrowing power.
• Owning a home can be like forced savings by way of paying down your principal. Every payment towards your mortgage equals an increase in your personal equity.  
• You may be able to use your home’s equity to finance some needed improvements or renovations.
• By purchasing your own home you have the freedom to change and personalize the property to your own style and needs without asking the permission of your landlord. 
• Often have more space in a home you own than in a place you rent. 
• Owning your own property helps you to establish a feeling of stability and permanence.