by Kent Braaten
on Friday, March 1st, 2019 at 10:42am.
Renting and buying are distinctly different experiences. You may already know some of the reasons you'd like to buy your first home. Or maybe you have some reasons for wanting to continue to rent.
It helps to consider both sides before you make a decision. After all, buying a home is most likely the biggest investment you've ever made. Renting or buying - which is better for your current situation? Only you can make the decision that's right for you! Click to view our side by side comparison.
Call the landlord
Figure out what’s wrong. Fix it yourself or call a professional to help
Call the landlord. All changes have to be approved
Decide what you want and go for it!
Every interest payment now is a tax deduction later
It’s easy to move
You have to sell or rent your home if you want to move
Likely will increase each year
With a fixed-rate mortgage, stays the same for the term
Your landlord has a key and access to your home. So does anyone he gives a key to
You have total control of who has a key to your home
It belongs to someone else
It belongs to you
Usually requires additional deposits if allowed
It’s your house - you can have whatever you want
You use what’s there. It might be old and not energy efficient or not the colour you want. Or it might be perfect
You get to choose style and colour within your budget
Check your lease. If you’re in an apartment or townhouse it’s probably taken care of. If you’re in a house, you may have to do it yourself
Your responsibility. But you get to have a garden, if you choose, or plant flowers of your choice
Find out what’s covered under your landlord’s policy. You’ll need an optional renters policy to cover your personal possessions