Almost every kid dreams about growing up, having a successful career, buying a great property and having an amazing family. If you daydreamed about living in your own home, has that dream lived up to its promise? Renting also comes into scrutiny, as a way of living in your own house. You could buy your own property and what you are paying out goes towards owning a house, unlike renting. Whether buying your home or renting, they have their own advantages as well as disadvantages.
Home Renting
Landlord and tenant is one of the more uncomplicated ways of moving into your own home. You look around, like the look of it, you agree terms with a landlord, it’s your new home. The agreement will state how long the place is yours for, but apart from that you can move in straight away. Normally, you only have to pay the rent security deposit before moving in and then the monthly payments (it can go up). If an item needs to be repaired, it is usually the landlord who takes care of it (this, however, depends on the tenancy you sign). New windows, a new heating system, air conditioning or any other refurbishments are also the responsibility of the landlord. There is a drawback though, this home you have made, is not your own and you will have to leave at some point in time. If your tenancy says one months notice and the person who owns the property gives you that notice, then you will have no choice but to move out. Individuals do get attached to their house, so this could be quite upsetting, especially if you don’t want to leave. This may attract to some individuals who enjoy moving from house to house. In simple terms, if your rent period expires and you want to move, you just do, you do not have to sell the house and so on. But with any good thing, there is always a drawback, one of the big ones with being a renter is you can’t do want you want with the property and would have to ask permission that could or could not be given.
Property Ownership
The first thing you need to remember, is purchasing a property can be very hard to start off with. Most people will have had to take out a loan which may take years to pay off. Once you have got the house it doesn’t end there, what about refurbishing it to your own personal style? A purchased house comes with lots of other bills, such as mortgage fees, improvements, running and insurance. But at the end of the day you are now the title owner. If you choose to change it you can do, this house belongs to you. You can do want you want to the house, within reason, you don’t have to get consent to enhance it. Be wary, though, in rare occurrences repairs may be very expensive even if they seem to be minor in the beginning. Moving house is not going to be straightforward compared to moving from rented places. When you move normally you have to rent the property out or sell it. The property 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 areas in GTA – Bridle Path neighbourhood – I can tell you with property ownership comes a special 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 much. It could take a couple of years for a house purchase to pay off. When you first buy a home, everything seems like it’s pay, pay, pay with no benefits.