Buying Vs. Renting

Posted 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.



 

Rent

Own

Repairs

Call the landlord

Figure out what’s wrong.  Fix it yourself or call a professional to help

Painting/Decorating

Call the landlord. All changes have to be approved

Decide what you want and go for it!

Tax Benefits

None

Every interest payment now is a tax deduction later

Flexibility

It’s easy to move

You have to sell or rent your home if you want to move

Monthly Payment

Likely will increase each year

With a fixed-rate mortgage, stays the same for the term

Security

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

Pride

It belongs to someone else

It belongs to you

Pets

Usually requires additional deposits if allowed

It’s your house - you can have whatever you want

Appliances

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

Yard Work

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

Insurance

Find out what’s covered under your landlord’s policy.  You’ll need an optional renters policy to cover your personal possessions

Required

Autonomy

You have a landlord

You are the landlord

 

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com