Buying vs Renting

These are the pros and cons of buying vs renting:

Buying Cons: 

  • Less freedom in moving
  • Responsible for all improvements and repairs
  • Responsible for property taxes and condo fee

Buying Pros:

  • Sense of ownership, stability and community
  • Possibility of using the property for an unlimited period
  • Possible appreciation/gains, making home ownership an excellent investment
  • Freedom of renovating the property
  • Possibility of paying property expenses with the rent
  • Possibility of deducting the condominium expenses and the property tax from taxation
  • Possibility of deducting mortgage loan interest in taxation
  • Possibility of generating a monthly income through renting out houses or apartments

Renting Cons:

  • Lease renewals are up to the owner
  • Money spent without building your own wealth
  • Inability to modify the properties without the owner's permission
  • Possibility of annual rent increases
  • Provides no tax benefits

Renting Pros:

  • Flexibility, possibility of moving easily from place-to-place
  • Not responsible for major repairs
  • It allows renter to experience living in a residential area with no ties
  • Not responsible for property taxes and condo fees