Rent or Purchase a Property？
Is it better to rent or purchase a home? Actually there is no one sure answer because it all depends on your own situation and lifestyle that you want. Here we are going to present the advantages and disadvantages of both.
Advantages of rent a home
1. Flexibility, minimal responsiblity, no worries about repairs
2. Predictable monthly expenses
3. Cheaper. Generally it is more affordable for most peopel to rent a home instead of purchase a property.
4. Financial freedom. Rent a home allows people to have more free cash to invest or build a business or do retirement planning.
Disadvantages of rent a home
1. Rent increase each year
2. Landlord is the boss
3. No weath creation
Benefits of purchase a home
1. Sense of belonging and good investment
3. Potential increase value
Downsides of purchase a home
1. Long-term financial committment
2. Need to have money aside for the down payment
3. Need to get a pre-approved mortage
4. Need to take care of the maintenance
If you decide to rent a home, the most important thing will be signing a lease and there are a few things to think about.
1. What are included in your rent? (hot water, heating, electricity)
2. If heating and electricity are not included, then you need to open a hydro account.
3. Furnished or unfurnished? Generally if you want to save money, you'd better to rent an unfurnished or semi-furnished one.
4. Check the rent of last year and see the increase rate. (Many new arrivals, even old immigrants might not how to check)
5. Ready for credit or background check!
6. Shop around the area and have an evaluation about the rent.
If you want someone who is experience in rental market to accompy you to do evaluation, negotiation or signing a lease, contact us, we will arrange someone to help you.
We could even help you to find a temporary residence if you are not in Canada and need an accommondation after landing in Canada.
How about if I want to purchase a home?
If you decide to purchase a home, the whole process could be long and complicated. You need to know how to find your desirable property, how to get a mortgage, how to make an offer or couter-offer and how to close a deal etc. However, if you find a professional like a real estate agent or broker, then it saves you lots of precious time, energy and worries.
We could recommend real estate agents or brokers for free. There are no hiddle fees, no intermediary fee. Transparency is 100%. With the guide of real esate agent or broker, you save lots of time in research and processus of properties.