It can be a tough decision between buying a home versus renting a home in Ontario. If you are young and still working on making a good steady income then renting is usually the best choice. However, if you are making a great income and are looking for somewhere to settle down for at least a few years, purchasing a home may be your best bet.
Owning a home has its advantages. You get to have a place to live where you don’t have to worry about a landlord harassing you for rent or risk the rent increasing over time. You can smash down the walls in your house and put nails in the wall because its your property and you can do whatever you want with it. You can swap out appliances and do as many renovations as you feel like.
Payments go towards your mortgage when owning a home which means that you are contributing towards a time when you no longer have to pay a mortgage, just a property tax. Investing in a house or condo can also be very beneficial in the case that you want to sell your home for more than it was worth, or sell some equity in your home.
You can also save a lot of money in the initial purchase of a home in the GTA by using Insta Offer. You simply pay the company a flat fee for them to negotiate a price on your home. They act as your real estate agents without the high cost of hiring one in person where they take commission. You can save thousands to tens of thousands of dollars in the purchase this way.
There are a number of benefits for renting a home as well. Firstly, renting means you are never stuck to a certain location. You can move around the country or even the world, free to work in different cities and still enjoy a nice living quarters. In the case that you don’t like the home you are renting or your neighbours, you can simply stop living there and find a new place.
Renting also means that your property manager has to take care of the grounds you are in, including things that go wrong in your home. They will cover the costs of plumbing issues or appliances breaking, and they will ensure the grass and front yard is clean (at least they should).
Renting also is way cheaper for people who are confident in their long-term money situation. You know what the monthly payment will be and can plan accordingly.
We are confident that you will make the right choice between renting or buying a home in the GTA