Advantages of renting:
- Lower initial cost (no down payment, closing costs etc)
- Little to no maintenance. When you rent, depending on the contract, any issues with appliances would be taken care of by the property manager.
- More flexibility. Month to month, yearly contracts.
Disadvantages of renting:
- You don't build any equity.
- Limited improvement abilities (can't change wall colour, flooring etc) - Less stability. The owner of the home can take back use of the property.
Advantages of buying:
- Building home equity.
- Freedom to make any changes you'd like.
- Stability
Disadvantages of buying:
- High upfront costs (closing costs, fees, down payment)
- Higher ongoing costs (home repairs, maintenance, property tax etc.)
- Market fluctuation
What are your thoughts, would you rather rent or buy?
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Text to connect! 778-347-4663
We are happy to help anytime!
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