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Toronto Condo: Rent Or Purchase, What's The Answer? Helpful Discussion On Advantages And Disadvantages Of Renting & Buying
To rent or to buy? That's the question. If you're looking for a Toronto condo for rent, it is one you've probably asked yourself a lot of times over.
So what is the answer? Should you rent, and give your money away to a landlord, or should you buy, and squeeze your budget so you can fit in a mortgage payment?
There is no right or wrong answer. Whether you should find a Toronto condo for rent or for sale depends on you, and your present lifestyle and budget.
Many people are staunch about purchasing over renting. They will tell you that buying a condo will cost you about the same as renting one, and that renting is throwing your money away. But, it isn't quite that simple. You may indeed 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 is not your only expense when you buy a condo. Municipal taxes, and condo and maintenance fees also apply. So, you could end up spending many hundred dollars just in maintenance fees alone, on top of your mortgage payment. When you rent, you don't have to worry about that.
Let's have a look at some advantages and disadvantages of both sides of the story.
Finding a Toronto condo for rent
The pro's to this are that you are not responsible for doing any maintenance or repairs, and you do not require to pay a separate monthly maintenance or condo fee. You won't need as much cash flow each month, and you can also move whenever you want, therefore you've more freedom to make a change in lifestyle and location. (obviously, check your lease!)
There are also downsides to renting. You will not be investing in a property that you can then resell in a few years, and likely make a profit (depending on the market, of course). You are giving your money to someone else, instead of investing in yourself, and aren't building any equity. And of course, you'll have a landlord - whom you may or may not like, and who may or may not be fast with repairs and upgrades. Oh - and don't expect upgrades at all, really.
Finding a Toronto condo for sale
The pro's to purchasing are, first and foremost, that you're building equity that will serve you well in the future. You can also turn around and sell, or rent your condo out later. You also have the freedom to renovate it and make changes a you see fit. You will get credit easier in the future as well, because lenders love to see property ownership on an application.
There are downsides also. You need more cash flow, as you've got more monthly expenses to worry about. Condo and maintenance fees tend to increase over time as well. And certainly, if you want to move, you have to sell your condo first.
Basically, if you don't think you're going to live there for more than 5 years, or if you do not have the cash flow every month to sustain increasing fees, find a Toronto condo for rent. If you're thinking long term, then look for a place to buy.
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