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Outlined below are 12 benefits to buying as compared to renting a Toronto home:
1. Buying a Toronto home is a great investment. Homes tend to increase in value in Toronto over time, in the past 20 years the average Toronto home has increased 11% per year.
2. You are in complete control. You can make any changes or improvements you want, and when you do spend the time and money to improve the house it is for your betterment not your landlord’s.
3. You can leverage your money. You can put down as little as 5% and the bank comes up with the rest, yet you are still in full control. That is as long as you maintain your mortgage payments.
4. You have the ability to step up to a better home by leveraging your current home equity. This can happen without significant increases in monthly expenses.
5. You monthly mortgage payments are like forced savings. In the early days the majority of the payment is interest but you are still increasing you equity position bit by bit.
6. Protect against inflation. Assuming you have a fixed rate mortgage your payments will not change over the life of your commitment even if inflation goes up.
7. You have the ability to live how you want to live, decorate how you want to decorate. You get to be the king/queen of your castle.
8. You do not have to pay capital gains when you sell your primary Toronto residence.
9. Typically when you buy you get more space than when you rent.
10. It is usually quieter in a Toronto home that you bought than an Toronto apartment that you rent.
11. The monthly costs of owning a place are often just a little bit more than what you would pay in rent for an equivalent space.
12. There are great tax benefits on investment properties. Even if the property is not your primary residence there are some significant tax deductions that that make this a very favourable investment strategy.
Outlined below are 8 benefits to renting as compared to buying:
1. If you tend to like to move around than buying may not make sense since there are some decent size expenses associated with buy and selling a property.
2. You may not be able to afford the down payment.
3. If there is a possibility that you will loose your job and not be able to make your mortgage payments. The downsides of missing your rent are much less than if you miss mortgage payments.
4. If you think you may be getting divorced you should wait to purchase a home as it is unlikely that you home will have appreciated by the time you are forced to sell.
5. If you have had bad credit you will need to reestablish your credit before you apply for a mortgage.
6. You may not be able to afford buying. There is nothing wrong with that, don’t make yourself house poor, just wait.
7. If you think the housing market is going down you may want to wait until it hits bottom and starts to bounce back.
8. You may just not want to have to deal with the inevitable maintenance of a home. As a renter all you have to do is call the landlord.
