Owning a home may be a lifelong dream for many Canadians, but that doesn't mean it's for everyone. In this economy, where food, petrol, and other commodity prices are rising yet wages have not changed significantly, many Canadians have postponed their ambitions to buy a home. Although, there is no right or wrong answer, in this article; we will discuss some advantages of renting a house and owning a house.

RENTING -

The right decision whether to own a house or rent one is not just based on the finances of an individual but also Owning a home may be a lifelong dream for many Canadians, but that doesn't mean it's for everyone. In this economy, where food, petrol, and other commodity prices are rising yet wages have not changed significantly, many Canadians have postponed their ambitions to buy a home. Although, there is no right or wrong answer, in this article; we will discuss some advantages of renting a house and owning a house.

RENTING -

The right decision about whether to own a house or rent one is not just based on the finances of an individual but also on their lifestyle and other personal decisions.

Advantages of renting a house: -

1. Predictable payment: If someone owns a house, he/she will certainly not be paying an exact amount every month. In addition to the mortgage, the owner must account for maintenance expenditures and other expenses. A renter, on the other hand, is required to account for a fixed sum every month unless the monthly rent payment increases.

2. Cheaper option: As discussed above, it's cheaper to rent than own. The owner has to come up with a downpayment and must have substantial savings to cover the closing costs. Whereas, the renter has to come up with the first and last month’s rent along with the key and security deposit, wherever applicable.

3. Flexibility: Upon the end of the lease; a renter can move out of the property and may upgrade or downgrade depending on his/her financial situation.

OWNING -

Owning a home has many benefits other than a sense of stability and pride of ownership. Most experts believe that purchasing a home in Canada is a safe investment. The goal is to stay within your budget and intend to own the property for at least five years.

Advantages of owning a house:

1. Building equity: When you own a house, every part of the mortgage payment goes towards your equity. When you own a house; you are investing in yourself and possibly taking a step towards a solid foundation for the future.

2. Appreciation in the market price: If there has been an appreciation in the house price, the owner is the one who would reap the rewards. An increase in the property value might result in more profits when selling or it could also lead to increased monthly rental for owners.

3. Freedom: A renter has to request permission from the landlord before making any significant changes to the property that he/she is renting. Owning a home gives you certain freedom since the owner doesn’t have to ask for permission before making those decisions. Wherever permits, an owner may paint the walls and may also decorate their home as they desire.

CONCLUSION:

Again, deciding to rent or own depends on someone’s finances and lifestyle. Before making a decision, one should go through all the elements available on the table and not rush into anything, especially owning a house, as it is a much more complex process than renting. Whether you are buying or renting, a professional realtor like myself is always ready to assist.