Should you buy or rent a home? A poll hosted by RBC found that 36% of non-homeowners under 40 have decided that homeownership is not for them, while 60% plan to buy a home sometime in the next two years. Clearly, the question of whether you should rent or buy a home is a choice that Canadians aren’t taking lightly. To help you with your decision, this article will explore the pros and cons of renting or buying a home in Markham; the final choice, however, is up to you.
Renting a Home in Markham
One of the biggest advantages of renting a home is that everything, quite frankly, is less of a hassle. There is less paperwork to sign, fewer people you need to talk to, fewer resources you need to secure, and you can spend less time on regular home maintenance. If your lifestyle requires you to pack up and move frequently, renting a home may be a better option than buying a home in Markham; when it’s time for you to leave, you won’t have to worry about finding buyers for your home.
Renting is generally cheaper than buying a home as well. You don’t have to worry about budgeting for upkeep costs, nor are you paying for taxes. Depending on the landlord, your utility costs may be included in your rent, meaning you don’t have to worry about budgeting for the monthly, variable cost of your electricity, gas, or water bills. On top of that, you’re always free to leave at the end of your lease if your rent increases to unsustainable levels; that option is lost if you decide on buying a home in Markham.
The biggest disadvantage of renting is that you, unfortunately, don’t own any part of the home. There are limits to how much you can customize or improve your home; you’ll always need to speak with your landlord first. Furthermore, you’re sinking your money into a property that doesn’t ultimately belong to you when the money could be going towards building ownership equity in a property that you do own.
Buying a Home in Markham
If you end up buying a home in Markham, you gain stability; you’ll be able to enjoy your neighbourhood for years to come without worrying that your landlord may not renew your lease at the end of the contract. You can upgrade and customize your home as you please; all benefits from your upgrades go directly back to you. You can even use the improvements as a reason to sell your home at a higher price if you eventually decide to sell.
Buying a home in Markham also allows you to begin building equity. In other words, your home becomes your property as you pay off your mortgage, allowing you to invest into your future directly. With homeownership, you’ll be taking your first steps towards building your wealth.
Unfortunately, homeownership comes with some high upfront costs. You’ll likely have to pay home inspection fees, a Land Transfer Tax, legal fees, and more. If you’re already struggling financially, jumping into homeownership will likely make your situation even more difficult. It’s best to speak with someone who can give you honest advice regarding your homeownership goals.
Ask for Advice
The decision to purchase a home can be a deeply personal one. By working with a realtor that will listen to and proactively address your concerns, you’ll be able to make your choice with more confidence. Speak with Martin today to get expert advice from a realtor who can find a home that will fit your financial needs and lifestyle.