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.
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Rent |
Own |
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Repairs |
Call the landlord |
Figure out what’s wrong. Fix it yourself or call a professional to help |
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Painting/Decorating |
Call the landlord. All changes have to be approved |
Decide what you want and go for it! |
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Tax Benefits |
None |
Every interest payment now is a tax deduction later |
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Flexibility |
It’s easy to move |
You have to sell or rent your home if you want to move |
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Monthly Payment |
Likely will increase each year |
With a fixed-rate mortgage, stays the same for the term |
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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 |
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Pride |
It belongs to someone else |
It belongs to you |
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Pets |
Usually requires additional deposits if allowed |
It’s your house - you can have whatever you want |
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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 |
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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 |
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Insurance |
Find out what’s covered under your landlord’s policy. You’ll need an optional renters policy to cover your personal possessions |
Required |
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Autonomy |
You have a landlord |
You are the landlord |
Posted by Kent Braaten on
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