Renting VS Buying Your Home
Thursday Aug 22nd, 2019
It’s time to face the unfortunate fact that rent prices in the GTA have gone through the roof – pun intended – and it’s extremely competitive to find a decent rental property for a reasonable price. The renting versus buying a home dilemma is what many people, particularly Millennials, are debating right now. Whether you wish to continue to rent or want to venture on an entirely different path, read on to find out the pros and cons in this crazy and ever-changing housing market.
To Rent or Not to Rent?
There’s a big pro that comes with renting your home, and that’s flexibility. You’re not obliged to stay in the property for years to come should you decide to move to another part of town, or another province for that matter. Another perk is you don’t have to worry about repair and maintenance. Your fridge broke down? No problem! You don’t have to spend a penny to fix it yourself.
However, a major con is that there is no stability in rent, as you are not in control of the fate of the property. Should the landlord decide to sell the property or live in it themselves, you will have a mere 60 days to pack your belongings and find your new home. In addition, rent prices are continually on the rise, and as a tenant, you have no choice but to comply by the price increases.
Also, if there are things you want to upgrade or renovate, you don’t have that freedom in a rental. Even if you are allowed to remodel, you’ll be benefiting the landlord more than yourself, as your funds are not going into your own property. Not only are you possibly paying for renovations for someone else’s home, but you’re spending your hard-earned dollars on rent that you will not benefit from in the long run.
Are You Ready for One of Life’s Greatest Purchases?
If you see yourself living in the GTA for the next five to ten years, buying a property may be worth considering. Even if you need to relocate and will not be living in the property yourself, renting it out can give you a significant return on your investment. Not to mention, you have the freedom to renovate your property as you please and you’ll be investing your dollars into your future.
Expedite your search by working with a professional realtor who has the knowledge and experience to find what you’re looking for in one session, saving you a year or more of experimenting and searching. While you may not be ready to buy, it’s encouraged to start saving. The housing market in the GTA is booming and the longer you wait, the less your money is worth.
Trust the agent you work with and come up with a plan together on whether you want to continue to rent, or change your path to eventually become a homeowner. The truth is, there’s no right or wrong answer — it depends on whether you are emotionally and financially ready to buy. Working with a trustworthy agent will save you a lot of time, money and energy in the long run.
Feel free to contact the Traboulsi Team anytime for all your Real Estate needs.