{"id":7509,"date":"2023-07-09T12:51:22","date_gmt":"2023-07-09T16:51:22","guid":{"rendered":"https:\/\/www.delsuites.com\/blog\/?p=7509"},"modified":"2023-07-09T18:10:12","modified_gmt":"2023-07-09T22:10:12","slug":"5-things-to-consider-when-choosing-between-renting-and-buying","status":"publish","type":"post","link":"https:\/\/www.delsuites.com\/blog\/5-things-to-consider-when-choosing-between-renting-and-buying\/","title":{"rendered":"5 Things to Consider When Choosing Between Renting and Buying"},"content":{"rendered":"

You may have heard the advice that rent is money that you are throwing down the drain, especially, if you\u2019re not making a mortgage investment.\u00a0 <\/span>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\u2019t an easy option for everyone.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Flexibility vs. Stability<\/span><\/h2>\n

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.\u00a0<\/span><\/p>\n

This benefits you if you\u2019re 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.<\/span><\/p>\n

On the other hand, when you own a home, you can always have peace of mind that you\u2019ll never get suddenly evicted. Also, you\u2019re in charge of making all the decisions about your home – not your landlord. Want to renovate it or add the ensuite you\u2019ve always wanted? Go ahead.\u00a0<\/span><\/p>\n

Buying a Cheaper Apartment vs. Retaining Capital Gains<\/span><\/h2>\n

Monthly mortgage payments can be higher than the cost of rent – at least in the beginning.<\/span><\/p>\n

By and large, it\u2019s usually cheaper to rent. But this heavily depends on where you choose to live.<\/span><\/p>\n

Another thing to consider is that when you rent, you don\u2019t retain capital gains. But if you own a home, you\u2019ll pocket the additional equity if the value of your home increases.\u00a0<\/span><\/p>\n

And if you choose to sell it in the future, you\u2019d realize the capital gains.<\/span><\/p>\n

Access to Alternative Investments vs. A Simple Investment<\/span><\/h2>\n

Renting your home doesn\u2019t mean you can\u2019t make investments to benefit you in the future. Since you\u2019ll likely save money by renting, you can invest what you\u2019ll save into stocks, a GIC, or starting your own business.<\/span><\/p>\n

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\u2019ve paid it off, it\u2019ll be a guaranteed asset. And you don\u2019t have to spend time worrying about the uncertainty of stocks or bonds.\u00a0<\/span><\/p>\n

Having More Disposable Income vs. Building Up Equity<\/span><\/h2>\n

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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Less Maintenance vs. More Privacy Without a Landlord<\/span><\/h2>\n

The benefit of renting a property from a landlord is that you\u2019re free from all the hassle of its daily maintenance and upkeep.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

But the downside to this is that while you\u2019re living on their property, they\u2019re in charge. And you wouldn\u2019t want to deal with a landlord policing your actions or a surprise eviction notice.<\/span><\/p>\n

DelSuites Has the Perfect Rental You\u2019re Looking For<\/span><\/h2>\n

Are you considering choosing a rental but don\u2019t 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?\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

And with all our locations in Mississauga<\/a>, North York<\/a>, Scarborough<\/a>, and many more cities, you can choose the location that\u2019s best for you.\u00a0<\/span><\/p>\n

Ready to get started? <\/span>Browse through our numerous options<\/span><\/a> to find the rental that\u2019s best suited to you today.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

You may have heard the advice that rent is money that you are throwing down the drain, especially, if…<\/p>\n","protected":false},"author":3,"featured_media":7510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[311,96,123],"tags":[564,51],"yoast_head":"\n5 Things to Consider When Choosing Between Renting and Buying<\/title>\n<meta name=\"description\" content=\"Learn more about the 5 things you need to consider between renting and buying in the city of Toronto via the DelSuites' Blog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.delsuites.com\/blog\/5-things-to-consider-when-choosing-between-renting-and-buying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Things to 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