HOME RATES ABOUT SERVICES VIDEOS BLOG CONTACT ME TEAM
AGENT LICENSE ID
M09002521
BROKERAGE LICENSE ID
11931
Dan Wowk Mortgage Broker

Dan Wowk

Mortgage Broker


Office:
Phone:
Address:
1515 Rebecca St, Oakville, Ontario

BROWSE

PARTNERS

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

Buying Vs. Renting; Pros and Cons

7/11/2019

To be or not to be. To buy a home or not. Is renting better than buying? Would the benefits of buying a home outweigh the negative? Figuring out whether you are going to rent, or buy is a big decision to make. The pros and cons need to be considered for both buying and renting to ensure which one is the right decision for you. Everyone is different what you are looking for depends on who you are and what your situation is. Here is a chart depicting some of the main pros and cons of both buying a home and renting one.

 

Renting

Buying

Pros

  • Cheaper upfront costs
  • Stable payments over duration of lease
  • Monthly rent payments often include other costs such as hydro, electricity and trash removal
  • Other amenities might be included such as a gym or pool in an apartment building
  • Flexible if you need to move for work
  • Lower insurance and utility costs
  • Landlord takes care of all maintenance/ maintenance costs

 

  • No restrictions on modifications or design in the home
  • Homes generally increase in value
  • Cheaper than renting (in the long run)
  • Improve your credit score by having a long mortgage on your statement
  • More options and locations available compared to available rental properties
  • Can gain equity as home value increase

Cons

  • No tax benefits
  • Housing costs are not fixed rent increases yearly (or when the lease is renewed)
  • Can’t make property changes (without the landlord’s approval)
  • No effect on credit score
  • Must abide by the lease which can be restricting and has limitations on things such as wall hangings and painting

 

  • Long term commitment, not much choice/more difficult if you need to move for work
  • You are responsible for all maintenance
  • Mortgage payments are higher than rent
  • Additional and expensive costs upfront such as own payment, closing costs, and moving costs
  • Need to have a stable or growing income to keep up with cost

 

MY LENDERS

TD Bank Scotia Bank Attain Mortgage First National MCAP B2B Bank
Home Trust Merix Equitable Bank Street Capital CMLS Fisgard Capital
ICICI Bank Optimum  RMG Mortgages Bridgewater Marathon Mortgages