Owning a home is a huge part of so many people’s dreams. Everyone looks forward to returning to a place that represents who they are. Whether to buy or rent, though, depends entirely on personal needs, lifestyle, and status. It is easier for an individual living alone to rent because they are more likely to need a smaller space. However, renting a bigger space could be more expensive in the long run. Hence, families with children might opt to buy, considering their need for extra space. When considering for yourself whether to rent or buy real estate, there are a few things to think about:
LOCATION AND PRICE
Location is not only something to consider when it comes to looking at renting and owning, but also is a major influence on the cost of the housing itself. It is much easier to find a suitable home at a more affordable price away from major cities. The listings at John Burdi – Real Estate are a good indicator of the differences in the Toronto area. There are different market values of different homes and apartments listed there, which can help you consider the buying option.
With housing, the common denominator in whether you choose to buy or rent is financial dedication. The level of financial dedication is varied yet consistent. When purchasing a home, the payments are structured for you to finish your installments in due time. On the other hand, renting is more of a lifelong commitment. Always consider a mortgage that is more affordable and a house that caters to your needs when considering purchasing a home.
ADVANTAGES AND DISADVANTAGES OF RENTING OR BUYING
One major disadvantage of renting is finding a rental house that meets all of your needs. You also cannot make any major renovations to restructure the house to your taste. However, with buying, you can break down walls and even expand as you deem fit.
Unlike purchasing a home, rental prices can shift upwards depending on your landlord or the economy. This can prove challenging if one is on a tight budget. The upside is that you will not worry about property value depreciation as a tenant. The fluctuating market price of housing is a real worry for property owners as well. However, buying a home saves you the worry over changing rental prices.
Owning a home comes with a sense of freedom. John Burdi specializes in both cozy homes and luxurious estates that embody class and quality. With our over 25 years of experience, you are guaranteed to find your next home in and around the Toronto area. Attention to the client’s needs is a driving force for us at John Burdi, and we’re ready to help you take the leap from being a renter to a buyer. Contact us today for more information!
