In a constantly changing market, we are eventually confronted with the dilemma of buying or renting a house. There are many advantages and disadvantages to both options. While some are qualitative others are quantitative. To help future homeowners or renters decide what is their best option, we have look several aspects that are relative to both alternatives.
For those of you who worry about your financial situation and are not sure if you can afford to purchase a home, the Government of Canada now offers a calculator that can help. Available on their website, this tool can be used to help calculate all the expenses that we must keep in mind when making the decision to rent or buy a home. Based on hypotheses, the calculations and the results can vary depending on the numbers provided. For instance, if you are thinking of buying a condo, you can use this tool to determine the possible costs linked to the purchase or the renting prices in your region.
Besides, for those interested in becoming homeowners, 2015 is the perfect year to go forward. According to an article published by Radio Canada, the market is highly favourable for buyers because of the large amount of new unoccupied condos on the market. So if you were still waiting to make the next step, now is the time!
Which option suits me best?
Although the calculator proves to be useful, it does not take into account significant elements such as personal factors, preferences or values we deem important. For some, becoming a homeowner means you can make your own decision including the right to decorate to suit your own tastes and make permanent renovations. Others may prefer to rent to be exempted from many of the responsibilities of ownership such as maintenance. Tenants also enjoy a relatively free mobility so if they have new job or if they decide to live with someone else, it is much easier for them to move out than homeowners.
Even if financing decisions are critical, it is important to also consider ones’ needs and priorities.
Please stay tuned to To Buy or Rent: Part II for even more details!