When we are small we all have dreams, those dreams could include the type of career you want, a new house or how big your family is going to be. Becoming an adult and having our own place to live in is a dream that is not so apparent today. Living in your own house does not always mean purchasing it, it could also be rented. You could buy your own property and what you are paying out goes towards owning a house, unlike renting. Whether buying your house or renting, they have their own its plus points as well as disadvantages.
Choosing to Rent a Property
By far the most uncomplicated way of moving out of your parent’s home. You browse around, like the look of it, you agree terms with a landlord, it’s now yours. The contract will state how long the place is yours for, but apart from that you can move in straight away. A security deposit is often paid in advance, but after that you pay the rent decided upon. A big bonus is repairs - so the water pipe bursts, instead of exorbitant repairs out of your pocket, it’s up to the landlord to pay for them. New windows, a new heating system, air conditioning or any other refurbishments are also the responsibility of the person who owns the property. You can only lodge there as long as agreed in your tenancy agreement and if it is not renewed you will have to move out, so that’s a big drawback. Apart from the termination notice you both have to give to leave the house, you don’t have a choice about it. Renters do get attached to their space, so this could be quite hard, especially if you don’t want to leave. This may appeal to some people who enjoy moving from house to house. You are also not tied down once your agreement has ended, you are under no obligation to sign another and stay there. If you want to make some house improvements, often you have to get permission, if this is not approved then you are stuck.
Real Estate Purchase
The first thing you need to think about, is buying a property can be very hard to start off with. Many of us will have had to take out a loan which may take years to pay off. Once you have purchased the house it doesn’t stop there, what about revamping it to your own personal style? Including the mortgage fees, you have to pay fees for the house, all the improvement and maintenance costs and also home insurance. Anyhow at the end of the day you are the home owner. If you choose to change anything you can do, this house belongs to you. You decide yourself, there is no need to ask a landlord (but of course, in some specific cases, neighbours have to be notified). A word of caution though, what seems like a minor repair or redecorating task can turn out to be rather expensive. Moving properties is not going to be easy compared to moving from rented accommodation. A property owner normally either rents or sells the house if they want to move. It could take a while to sell or rent out, especially if the market conditions are not very good. However, as somebody, who specializes in one of the most exclusive zones in GTA - Bridle Path - I believe with home ownership can be felt an exclusive taste!
If you do not want to settle down for years and plan to move away in the near future, renting is better than buying, especially if the rent is not very high. The financial outlay of buying a house takes at best a couple of years to start paying off. When you first get a house, everything seems like it’s pay, pay, pay with no advantages.
