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Business Travel, Real Estate Agents, Toronto Condos

5 Things to Consider When Choosing Between Renting and Buying

July 9, 2023
buy or rent in toronto,

You may have heard the advice that rent is money that you are throwing down the drain, especially, if you’re not making a mortgage investment.  However, due to the increase in the pricing of housing around the Greater Toronto Area, more houses have experienced a drop in affordability in the past few decades, and buying one isn’t an easy option for everyone. 

So, the debate on whether to rent or buy is very complex from a financial perspective. And it can get a bit confusing which one to choose.

Are you trying to decide which decision is right for you? Read on for a side-by-side comparison of their pros and cons to help you know whether renting or buying is best suited to you.

Flexibility vs. Stability

With mortgages, you receive financial penalties for breaking it by moving and you have to pay taxes to sell your property. But with renting, you can move after your initial lease is over, which is typically after 12 months. 

This benefits you if you’re thinking of moving any time soon or want to have the flexibility to move at any point in your life rather than committing to one place.

On the other hand, when you own a home, you can always have peace of mind that you’ll never get suddenly evicted. Also, you’re in charge of making all the decisions about your home – not your landlord. Want to renovate it or add the ensuite you’ve always wanted? Go ahead. 

Buying a Cheaper Apartment vs. Retaining Capital Gains

Monthly mortgage payments can be higher than the cost of rent – at least in the beginning.

By and large, it’s usually cheaper to rent. But this heavily depends on where you choose to live.

Another thing to consider is that when you rent, you don’t retain capital gains. But if you own a home, you’ll pocket the additional equity if the value of your home increases. 

And if you choose to sell it in the future, you’d realize the capital gains.

Access to Alternative Investments vs. A Simple Investment

Renting your home doesn’t mean you can’t make investments to benefit you in the future. Since you’ll likely save money by renting, you can invest what you’ll save into stocks, a GIC, or starting your own business.

On the other side of the coin, owning a home is a simple investment into your future, which is one of the things that makes it so attractive to some people. Once you’ve paid it off, it’ll be a guaranteed asset. And you don’t have to spend time worrying about the uncertainty of stocks or bonds. 

Having More Disposable Income vs. Building Up Equity

Homeowners take on a considerable amount of debt, which may hinder them from investing elsewhere, such as RRSPs or TFSAs. In some cases, homeowners may even find that they have to spend most of their income on the costs of homeownership. 

But with renting, you can have more financial freedom. So, you can save up for retirement and have more money left over for other needs and wants. 

On the other hand, every monthly payment you give towards your mortgage helps you build equity in your home. And the amount of interest you have to pay will decrease over the years. 

Less Maintenance vs. More Privacy Without a Landlord

The benefit of renting a property from a landlord is that you’re free from all the hassle of its daily maintenance and upkeep. 

Although you still have to pay for repairs, your landlord is the one responsible for maintaining your home. This saves you more time and not to mention, extra costs. 

But the downside to this is that while you’re living on their property, they’re in charge. And you wouldn’t want to deal with a landlord policing your actions or a surprise eviction notice.

DelSuites Has the Perfect Rental You’re Looking For

Are you considering choosing a rental but don’t know where to start looking? Or are you waiting to close a deal on a new house and need to vacate your current property before the closing date? 

Whatever your need is, we have the right rental for you. We have apartments and condos, as well as short-term rentals and leases. We also have furnished and serviced options.

And with all our locations in Mississauga, North York, Scarborough, and many more cities, you can choose the location that’s best for you. 

Ready to get started? Browse through our numerous options to find the rental that’s best suited to you today.

Lifestyle talk, Real Estate Agents, Relocation, Toronto Condos

A Place to Stay While Moving Between Homes

February 1, 2018

Moving Between HomesWhile Moving between homes, you may encounter construction delays, delays in property closing or relocation issues.

There are many reasons why a move might be delayed and real estate clients may require temporary housing for a month or longer. Many people don’t anticipate the downtime between the closing date of their old home and the day they are allowed to move into their new home.  Staying in a hotel may not be the most comfortable and convenience option. They don’t have access to kitchen or laundry facilities, there isn’t a lot of space and they can’t live comfortable for the long term.

Where to Stay While Moving Between Homes

One option for accommodation in-between homes are fully furnished apartment rentals in convenient locations throughout Toronto.

Every home buyer and seller are taken care of while they wait out any delays, with comfortable apartments and great amenities. The suites are already move-in ready eliminating the need to bring in and move your furnishings. Plus, it will work out to be more economical in the long run than a hotel room.  Then, when your new property is ready, you can move in with ease.

Advantages of Furnished Apartments over Hotel Rooms

When you stay with DelSuites, you will feel right at home. Here are some of the features offered:

  • A fully equipped kitchen, so that guests can have the choice to self-cater.Moving Between Homes
  • Separate bedrooms and a living area, ensuring that guests have enough space and privacy.
  • An en-suite washer and dryer with steam iron and a full sized ironing board.
  • Weekly or Biweekly cleanings by our superior housekeeping team.
  • High speed, secured wireless internet.
  • Local & North American Long Distance Calls (some areas excluded)
  • Personally encoded suite intrusion security alarm system, 24 hour building security and a 24 hour On-Call Manager for emergencies.
  • DVD and Stereo System.
  • LCD flat screen television with Premium HD package.
  • Underground, indoor, secured parking.Moving Between Homes

A furnished rental may also have a home office that is equipped with wireless internet, a desk, a chair and office supplies. So, if a you need to take care of some business, you will have a productive environment in which to work.

To find out more about furnished apartment rentals and how we can partner with your real estate brokerage, please contact us today.

Brokers, Lifestyle talk, Real Estate Agents, Relocation, Toronto Family Travel

Short term rental referral program for Brokers & Real Estate Agents in Toronto

July 24, 2014

DelSuReferral Program in Torontoites appreciates your loyalty and business. Our referral program for brokers & real estate agents in Toronto is our way of saying thank you for telling your clients about DelSuites Furnished Apartments Toronto.

Every time you refer a client to DelSuites and they book, you will receive 7% Commission on their entire stay.

Its Easy! Just follow these simple steps:

1.     Share why you love DelSuites serviced apartments in Toronto  to your clients.

2.     If they are interested in staying in our short term rentals Toronto, ask them to complete the form here and be sure to mention your name and contact information.

3.     A DelSuites Reservation Coordinator will contact them to advise on rates and availability.

If your clients book, you will receive a 7% commission on their entire stay! Our dedicated reservations team are available 24/7 to assist you and your clients needs! Call to recieve the latest promotions and availability!