You Want Your Own Property: Do You Own Or Rent?

When we are small we all have dreams, those dreams could include the type of job you want, a new house or how big your family is going to be. If you daydreamed about living in your own property, has that dream lived up to its promise? Living in your own house does not automatically mean purchasing it, it could also be rented. Looking at the long term, purchasing is always going to make more economical sense than paying rent. Whether buying your house or renting, they have their own its plus points as well as disadvantages.

Choosing to Rent a Property

Renting a property is the uncomplicated way forward. You find a place you like and if the landlord likes you that’s great, you have basically won. You can move in and the space becomes your home for a duration of time. A security deposit is often paid in advance, but after that you pay the rent decided upon. A big advantage is repairs – so the water pipe bursts, instead of costly repairs out of your pocket, it’s up to the landlord to pay for them. Even refurbishing the home is paid by the actual owner. The biggest downside, is probably the fact that the place is not your own and it is very likely that you will have to move out at the end of the day. Apart from the notice you both have to give to vacate the space, you don’t have a choice about it. Individuals do get attached to their house, so this could be quite emotional, especially if you don’t want to leave. Of course, some of you choose to move often and enjoy the fact they can vacate at any time. You have no property to sell, no worries about making the property nice for buyers or the fees associated with selling. A big downside is if you want to make some considerable changes in the place, you have to ask for permission off the owner.

Buying

To start off with it may be difficult. One of the big hardships is that large loan you will have had to take out which could take years to pay off. Once you have purchased the house it doesn’t stop there, what about decorating it to your own personal style? A purchased property comes with lots of other bills, such as mortgage fees, improvements, maintenance and insurance. Anyhow at the end of the day you are now the home owner. You can revamp it or alter it in anyway, it’s yours to do with as you please. You decide yourself, there is no necessity to ask a landlord (but of course, in some restricted cases, neighbours have to be notified). A word of care though, what seems like a minor repair or redecorating task can turn out to be rather expensive. Unluckily if you want to move it is going to be very difficult when you compare how easy it is with rented housing. A big drawback is you are going to need to sell it or rent it if you decide you want to move somewhere else. If the property market is down then you could be waiting a while before it sells or even before it’s financially suitable to list it. However, as a realtor, who specializes in one of the most exclusive zones in Toronto – Bridle Path neighbourhood – I can tell you with home ownership comes a special feeling!

Property renting is potentially the best thing for you if you like to wander and don’t intend to stay in one place very long. It takes a couple of years for a purchase to pay off. In the beginning, it seems like you only have to pay out with no benefits.