The idea of buying a house is better or renting it?

Buying or Renting is better

In the last few days, Canada has seen a considerable number of changes on “housing front”. With changing prices, mortgage rules and refinancing norms buying a house has again become a “far away dream” for many.

People belonging to various sections of the society like salaried, self-employed and others have experienced variety of changes in “housing market”. In fact there are many who are not even aware of the changes brought in last month.

For every one the question of the hour is whether to buy a home or to rent it. We would be suggesting advantages of both the perspectives and the decision can be left to the individual to make

Advantages of renting a house

  • In major cities like Vancouver and Toronto where the prices of houses are more than expected and beyond the reach of common men, it is always recommended to drop the idea of buying a house. Renting would be a smarter option as it would save you from paying the interest.
  • Here you have the flexibility of changing the house whenever you wish to. If you change your company the office is in different area from where it is now you can easily relocate in the city and rent a house closer to your office. This would save your time and energy which you would have in traveling to reach office.
  • If you are in a transferable job then you have every reason to rent a house as it would facilitate easy relocation from one city to another.

Advantages of buying a house

  • The first and foremost attraction of buying a house is the “sense of ownership” and “sense of achievement”. It gives immense pleasure to own a house to all those who start their careers with a dream of buying a house.
  • The rent which would have paid otherwise can be paid for the mortgage installments by adding a few more dollars to them. Even if you have mortgage term for 25 years, you still will be assured of owning a house 25 years later which would be quite at the time of your retirement.

Looking at the advantages of both the perspectives it absolutely is a personal decision to rent or to buy a house. Of course you need a better preparation for making the down payments before buying a house.

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