In our crazy real estate market, many would-be buyers are turning to renting rather than buying. And I don’t blame them. But it might not be their best choice.
Renting has pros and cons, like anything else. In fact, if you’re not ready to settle down in one place or know that you’ll be moving to a different location in the near future, renting is absolutely the way to go.
But sometimes it seems that for every pro renting provides, it has at least two cons. Unlike owning your own home, you can’t design or decorate your living space the way that you want. If you want to paint a fun accent wall or even hang a beautiful painting, chances are you can’t unless you want to forfeit your deposit.
And right now, buying a house is definitely tricky. But renting is also becoming more and more difficult to get into. Rent costs are skyrocketing across the country, and rental markets are becoming incredibly competitive. Renting used to be a good way to save up for a home, but now rents are as much as a mortgage, and it makes less sense.
And then there’s what might be the biggest problem with renting: you can’t build up equity. When you own a home, the money you pay into your monthly mortgage bill goes directly towards your home.
That means that when you go to sell your home, you get all of that money back–and then some if you play the real estate market correctly.
But with renting, there’s no way to build equity. All of the money from your rent payment goes directly into your landlord’s pocket. And you never see a cent of it again!
So if you’re tired of renting, tired of the upstairs neighbours stomping around at all hours of the night, and tired of seeing your money disappear, let’s have a chat. There are other options out there when it comes to housing that could be the perfect fit for you.
Just give me a call and I’ll get you the information you need to get out of renting and make smart choices for your future.
Trudy Wilson, Broker at RE/MAX Eastern Realty Inc., Brokerage in Bridgenorth, ON.
E-mail: email@example.com or Phone: 1 (705) 772-7598