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Toronto Condo: Rent Or Purchase, What Is The Answer? Helpful Discussion On Advantages And Drawbacks Of Renting & Purchasing
To rent or to purchase? That is the question. If you're searching for a Toronto condo for rent, it is one you have probably asked yourself a lot of times over.
So what is the answer? Should you rent, give your money away to a landlord, or should you buy, and squeeze your budget so that you can fit in a mortgage payment?
There's no right or wrong answer. Whether you should find a Toronto condo for rent or for sale depends upon you, and your present life style and budget.
Many people are staunch about purchasing over renting. They'll tell you that buying a condo will cost you nearly the same as renting one, and that renting is throwing your money away. However, it isn't quite that simple. You may definitely find a Toronto condo for sale that would be almost the same in mortgage payments as you would pay for per month rent. But the mortgage is not your only expense when you purchase a condo. Municipal taxes, and condo and maintenance fees also apply. Therefore, you could end up spending several hundred dollars just in maintenance fees alone, together with your mortgage payment. When you rent, you do not need to worry about that.
Let's have a look at some advantages and disadvantages of both sides of the story.
Finding a Toronto condo for rent
The benefits to this are that you are not responsible for doing any maintenance or repairs, and you don't have to pay a separate monthly maintenance or condo fee. You won't need as much cash flow every month, and you could also move whenever you wish, therefore you've more freedom to make a change in life style and location. (obviously, check your lease!)
There're also downsides to renting. You won't be investing in a property that you can then resell in a few years, and likely make a profit (depending on the market, certainly). You're giving your money to somebody else, instead of investing in yourself, and aren't building any equity. And certainly, you'll have a landlord - whom you may or may not like, and may or may not be quick with repairs and upgrades. Oh - and don't expect upgrades totally, really.
Finding a Toronto condo for sale
The benefits to purchasing are, first and foremost, that you're building equity that will serve you well in the future. You could also turn around and sell, or rent your condo out later. You also have the freedom to repair it and make changes a you see fit. You'll get credit easier in the future as well, as lenders love to see property ownership on an application.
There're disadvantages also. You need more cash flow, since you have got more monthly expenses to worry about. Condo and maintenance fees tend to increase over time also. And of course, if you want to move, you require to sell your condo first.
Basically, if you do not think you are going to live there for more than 5 years, or if you do not have the cash flow every month to sustain increasing fees, find a Toronto condo for rent. If you are thinking long term, then look for a place to buy.
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