Should I Rent or Buy? 2 Things To Consider Before Deciding
When you decide to move it’s important to ask yourself, should I rent or buy? The decision can be a difficult one, and ultimately alter your economic future. Depending on your current financial status this may be an immediate choice, but for others it may be a difficult decision. If you find yourself flipping back and forth when you consider should I rent or buy, consider the following determining factors.
Personalizing the Property
When you ask should I rent or buy, ask yourself how long you’re planning to stay on the property. Renting a home is a good choice if you aren’t looking to settle down or stay in one city for too long. If your job demands you to be constantly on the move, renting is the obvious choice. Renting properties has certain drawbacks however, and it can be difficult to make your unit feel homey. Depending on your landlord, there may be restrictions on pets, painting and redecorating. Some property management companies go so far as to mandate which colours of paint and trim can be used in the home. Though this is not an issue for temporary renters, a long term stay in a rental unit can be hard for those looking to warm up the property.
If you’re looking to stay in your home for more than a year or two, then purchasing a home is a better idea. When you purchase a home, you can begin to earn money just by the property gaining value and becoming more desirable over time. When the home is actually owned by you, you’re also able to personalize it in a way not possible with rental properties. Whether this be changing appliances to suit your style or renovating rooms to maximize usefulness, the options for redecoration are endless. Home owners are able to truly make their house a home, and not simply a temporary residence.
When deciding to rent or buy, one of the most important considerations is your financial future. When you rent a home, you pay for your home only temporarily without any long term benefits. Landlords are legally allowed to increase the rent yearly, which can quickly make an affordable home out of budget require you to think about moving again. Additionally, your financial investment into the home does not give you anything in return. The equity in the home that builds over time and demand for property in that location is only to the benefit of the property owner. Regardless of how much you pay in rent over the length of your stay, the owner is the only one reaping the financial benefits.
When you choose to buy a home, you are making a long term investment into your financial future. Though you may see the down payment for the home and other closing fees as costly, you will see great return on investment over the long term. As your mortgage decreases with your payments, the equity your home grows. When the mortgage is fully paid off, you own the home and the property that will continue to grow in value. This is particularly true of the Durham Region, as homes in the area continue to grow in value and desirability. When and if you decide to sell the property, you can take the equity in the home and purchase a home that may before have been out of your budget.
If you’re still asking yourself should I rent or buy, then Mary Roy and Team are here to help. From determining a neighborhood that best matches your lifestyle, to finding a property with the perfect number of bedrooms and bathrooms, our professionals will guide you through the process. Contact us today for more information and to settle the internal should I rent or buy debate for good!