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 |
FAQs
Should I buy a home or continue renting in Saskatchewan?
The right choice depends on your current situation, finances, and how long you expect to stay in one place. Renting offers easier flexibility and fewer repair responsibilities, while buying gives you more control, potential tax deductions on mortgage interest, and ownership of the property.
What are the biggest differences between renting and owning a home?
Renters typically call the landlord for repairs, need approval for painting or decorating, and may face rent increases over time. Homeowners are responsible for repairs and yard work, but they decide how to change the property and have more control over their home.
Is buying a home more financially beneficial than renting?
Buying may provide tax benefits because mortgage interest payments can be deductible, and a fixed-rate mortgage payment stays the same for the term. However, homeowners must also budget for repairs, insurance, yard work, and other responsibilities that renters may not have.
How does renting compare with owning a home if I may need to move?
Renting is generally more flexible because you can move when your lease allows without selling a property. If you own a home, you will usually need to sell it or rent it out before moving, which can take more planning and responsibility.
What responsibilities do homeowners have that renters usually avoid?
Homeowners are responsible for arranging repairs, maintaining the yard, choosing and paying for required insurance, and managing the property themselves. Renters usually contact the landlord about repairs and may have some yard work covered, depending on the lease and type of rental.
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