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