Toronto Condo: Rent Or Purchase, What's The Answer? Effective Discussion On Pros And Cons Of Renting & Buying

To rent or to purchase? That's the question. If you are searching for a Toronto condo for rent, it is one you've probably asked yourself a lot of times over.

So what's the answer? Should you rent, give your money away to a landlord, or should you purchase, and squeeze your budget so that you can fit in a mortgage payment?

There is no correct or incorrect answer. Whether you should find a Toronto condo for rent or for sale depends upon you, and your present lifestyle and budget.

Many people are staunch about buying over renting. They'll tell you that purchasing a condo will cost you nearly the same as renting one, and that renting is throwing your money away. But, it is not quite that simple. You may definitely find a Toronto condo for sale that would be almost the same in mortgage payments as you'd pay for per month rent. But the mortgage isn't your only expense when you purchase a condo. Municipal taxes, and condo & maintenance fees also apply. Therefore, you could end up spending many hundred dollars simply in maintenance fees alone, together with your mortgage payment. When you rent, you do not have to worry about that.

Let's have a look at some pros and cons of both sides of the story.

Finding a Toronto condo for rent

The benefits to this are that you're not responsible for doing any maintenance or repairs, and you don't require to pay a separate monthly maintenance or condo fee. You will not need as much cash flow every month, and you could also move whenever you want, therefore you have more freedom to make a change in life style and location. (naturally, check your lease!)

There're also downsides to renting. You will not be investing in a property that you can then resell in several years, and likely make a profit (depending on the market, certainly). You're giving your money to someone else, instead of investing in yourself, and are not building any equity. And certainly, you will have a landlord - whom you may or may not like, and may or may not be fast with repairs and upgrades. Oh - and do not expect upgrades totally, really.

Finding a Toronto condo for sale

The pro's to purchasing are, first and foremost, that you are building equity that will serve you well in the future. You could also turn around and sell, or rent your condo out later on. You also have the freedom to repair it and make changes a you see fit. You will get credit easier in the future also, as lenders love to see property ownership on an application.

There're downsides also. You need more cash flow, because you have got more monthly expenses to worry about. Condo & maintenance fees tend to increase over time also. And naturally, if you desire to move, you require to sell your condo first.

Basically, if you do not think you're going to live there for more than 5 years, or if you do not have the cash flow each month to sustain increasing fees, find a Toronto condo for rent. If you are thinking long term, then look for a place to buy.

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