Are you looking for property in Etobicoke but not sure whether you should rent or buy? The age old debate of renting vs buying is never-ending. Renting seems like throwing money away, but buying is a huge investment and commitment. So which one is really better? In this post, we’ll go over the pros and cons of both sides, so you’ll have all the information you need to make the right decision.
Pros of Buying Property in Etobicoke
- You Acquire an Asset – The reason people describe renting as ‘throwing money away’ is because despite paying every month, you won’t own anything at the end of it. When you buy, that money goes towards paying off an asset, and with each payment, you take a step towards owning your property outright.
- Freedom – When you rent, you have to abide by the landlord’s regulations, but when you buy a home, you have free reign to do whatever you like with it. Of course, this is subject to planning permission, if you’d like to convert or extend it. You can decorate and furnish it however you like, and make it truly yours.
- Return on Investment – If you have the will and the means to take on a project, you can look at Etobicoke homes for sale, find one that needs some work for a good price, and develop it to increase its value. Then, you can sell it for a profit.
- Control – If something goes wrong, such as a leak in the roof or a broken boiler, you don’t need to wait around for a landlord or agency to fix it for you. Instead, you can go ahead and fix it, or get it fixed, yourself. Everyone who’s ever rented knows how frustrating it can be to have to wait for something to get done. When you buy, you have complete control over the maintenance of your home and don’t need to ask anyone else’s permission.
- Community – When you buy a home, you become part of a community. You’re far more likely to take an interest in your neighbours and local events because you’re invested in the local area. This gives you connections to other home owners in Etobicoke, and you might find yourself making new friends.
- Pets – It’s difficult to find a landlord who will allow tenants to have pets in their property, so if you’re an animal lover, buying might be better for you. You don’t have to worry about asking anyone else, and can have as many pets as you like.
Cons of Buying Property in Etobicoke
- Lack of Amenities – Apartments and condominiums for rent often have amenities like security, gyms and swimming pools included, but if you want to have those when buying a home, you’ll have to pay a very steep price for them.
- Risk – There is an undeniable risk involved in buying a house. You are at the mercy of the housing market, which can be very unpredictable. The price of Etobicoke homes for sale may drop and you may have to sell at the wrong time, which could result in a loss for you.
- Responsibility – There is a huge amount of responsibility for home owners. As well as the financial responsibility, there’s the maintenance of the property, too.
Pros of Renting Property in Etobicoke
- Flexibility – When you rent a house or apartment, you’re only tied to it for a short amount of time. If your job or lifestyle means that you don’t usually stay in one place for too long, this is ideal. If your financial circumstances change, you can also move somewhere where the rent suits you. When you have a mortgage, you could be in trouble if you suddenly find yourself unable to afford the payments.
- Lack of Responsibility – In a tenancy agreement, the maintenance of the property is the responsibility of either the landlord or your Etobicoke real estate agent. So, if something breaks, all you have to do is give them a call and they’ll arrange to fix it. Not only does this give you one less thing to worry about, it means you don’t have to pay for it, either.
- Lower Initial Costs – To start a tenancy agreement, you usually have to pay a deposit and a month’s rent in advance. This is much less than you would have to pay for a mortgage. Not everyone can afford to put a deposit down on a house. For those who either don’t have the money to buy or don’t want to put all their money into one place, renting is ideal. Visit an Etobicoke real estate agent to find out exactly what fees you’ll have to pay.
- Less Red Tape – Renting doesn’t involve all the red tape and documents that buying does, so you don’t have to jump through so many hoops. You may have to do a credit check, but that’s about it. This makes the process much easier, quicker and cheaper.
Cons of Renting Property in Etobicoke
- Uncertainty – You can’t guarantee that you’ll be able to renew your lease at the end of your contract. If your landlord decides to sell their property, you may be forced to move out. This could come at short notice, giving you little time to plan.
- Third Party – You usually can’t talk directly to the landlord, and the agency will act as a third party for communications between the two of you. This means that things can be tedious and take longer than they should.
- No Return on Investment – Aside from a place to live, you won’t get anything back on the money you spend on rent. Instead of investing for yourself, you’ll be paying off the landlord’s mortgage.
Check Out Etobicoke Homes for Sale
There is no definitive answer to the question of whether renting or buying is better. It depends on your individual circumstances and goals. Talk to an Etobicoke real estate agent and see what’s available to buy or rent in your price range, and then go from there.
Contact Etobicoke Real Estate agent Leslie Brlec @ 416-277-5444 to Know more.