Should I rent or should I buy?
This is a common financial question that all Canadian consumers have to consider and deal with at some point in their lifetime. Whether it is a first time home or it is an established couple who is facing a transition period in their life, it is always an interesting debate.
There are many factors which need to be considered for both renting and buying, including understanding all the financial responsibilities for both, the risk vs. reward, the emotional factors which are crucial to this decision process, since for most consumers, purchasing a home is the largest investment of their lifetime.
Please find links to the following articles that will allow you some further information to consider when making the decision:
Edmonton Journal Buying vs. renting
http://www.edmontonjournal.com/business/rent+question/7949112/story.html
Canada Living 4 reasons to buy vs. renting
http://www.canadianliving.com/life/money/4_reasons_to_rent_a_home_instead_of_buying.php
http://www.canadianliving.com/life/money/5_reasons_not_to_buy_a_home.php
http://business.financialpost.com/investing/why-its-better-to-rent-than-buy
Please find a link to the Global news Rent or Buy Calculator to help consumers compare the costs associated with renting vs. buying. This is a great calculator to use to decide whether to rent or buy your next home. Renting can save you sizable dollars per month, over a 5 year duration, and that is before factoring in any of the potential returns that you may receive from investing your down payment in RRSP’s, TFSA’s etc!
Do not forget the risk associated with a declining housing investment (today’s reality), CMHC fees, if you are not prepared to put 20% down. Renting allows you to have great new places ( because you can move every five years), no upkeep expenses and no future renovation expenses. Anyway, have a look at this calculator and hopefully it will be of some help to you!
This is the link to the calculator:
http://globalnews.ca/news/2563940/should-you-rent-or-buy-this-real-estate-calculator-will-help-you-decide/?sf22165018=1