To Rent Or Buy: The differences in renting or buying a home

To rent or buy your home will be one of the most important financial decisions you’ll make in your lifetime. Like everything in life, there are some pros and cons on whichever path you decide to take. Let’s take a look at the bright side for both sides.

Buying a home

First, let’s talk about buying and owning your own home. Forget about throwing your money down the drain month by month. There are some obvious major perks, such as renting out the property to apps like Airbnb. You’ll also have an option to sell out your home anytime, and plus I’m pretty sure everybody would want to have all the freedom and customize their home to the fullest.

Also, owning a house gives you complete privacy, you won’t need to worry about your landlord checking up on you and giving you demands. A lot of people don’t know about this, but it’s easier to get a house than to keep it. The greatest difficulty of owning a home is not being able to afford your monthly mortgage payments. Remember, mortgage payments must be each and every month without fail.

Renting a home

Now, if you’re mostly traveling and/or moving frequently, renting will probably be your best option. Every time you buy a home, you have all these expenses and services to pay for, such as the closing costs, a home inspection, the moving cost, etc. That already leads up to thousands of dollars, then afterward you’re going to have to pay a realtor a commission.

For example, for a home that sells for $500,000, the realtor’s commission could be up to 7% or $35,000. For someone who is always on the road, buying a house every few years is a risky investment. Selling takes time and money but as a renter, moving is just giving a one month’s notice and hitting the road. Most people use this flexibility to take advantage of trying out a new or better job, whether it be across town or a different province.

Conclusion

At the end of the day, it all comes down to you. When it comes to renting or owning a home, there is no right or wrong answer. It’s about what type of lifestyle you want to live and what works with your current situation.

Buying a home will be most likely the biggest financial commitment you will ever make, so make sure you do your research, and take your time with it. Just because everybody is buying a home, it doesn’t mean you should rush into it. With that being said, you should move at your own pace and see what’s best for you.

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