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Duel: Rent or buy?

By Edited Jun 2, 2014 0 2

Which dreams did you have as a youngster - occupation, holidays, children, house, marriage? Becoming an adult and have our own home to live in is a dream that is not so apparent today. Renting also comes into consideration, too. You could buy your own property and what you are paying out goes towards owning a house, unlike renting. Whether buying your house or renting, they have their own its plus points as well as downsides.

Rent a Property

By far the easiest way of moving out of your parent's house. It is quite easy to rent once you have located the house you like, just a matter of signing contracts with the landlord. You can move in and the place becomes your home for a duration of time. Often, you only have to pay the rent security deposit before moving in and then the monthly agreement (it can increase). Most agreements say the landlord is liable for repairs, so you don't even have to think about them. You do not need to pay for renovations, the landlord deals with these. You can only stay there as long as agreed in your tenancy agreement and if it is not renewed you will have to move out, so that's a big downside. Apart from the notice of termination you both have to give to leave the property, you don't have a choice about it. Many renters feel some kind of a connection to the house, get used to it and are sorry to leave. This may attract to some individuals who enjoy moving. Naturally, if your rent period expires and you want to leave, you just do, you do not have to sell the house and so on. A big downside is if you want to make some considerable changes in the place, you have to ask for permission off the the person who is letting to you.

Property Purchasing

To begin with it could be hard. Most people will have had to take out a loan which takes years to pay off. Then after the purchase itself, you may want to spruce up the property to your own style. Insurance, refurbishment expenses, repair bills and mortgage related fees are all something you are going to need to budget for. Nevertheless at the end of the day you are the property owner. You can paint it or alter it in anyway, it's yours to do with as you please. You decide yourself, there is no requirement to ask other people (but of course, in some particular cases, neighbours have to be notified). Be careful, though, occasionally repairs may be very expensive even if they seem to be small in the beginning. Still, if you want to move away, it is much more troublesome than with the rented home. A property owner often either rents or sells the house if they want to move. If the property market is poor then you could be waiting a while before your home sells or even before it's financially suitable to list it. However, as professional, who specializes in one of the most astonishing areas in GTA - Bridle Path - I believe with property ownership can be felt a very special feeling!

If you do not want to settle down for years and plan to move away in the near future, renting accommodation is better than buying, especially if the rent is not very much. It could take a couple of years for a purchase to pay off. You are unlikely to see any benefits, in fact everything feels like it is costing you at first.



Sep 29, 2010 7:59pm
What a great article! Amazing job writing this, and you should definitely write a ton that are just as amazing as this one!
Oct 7, 2010 10:45am
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