To buy or not to buy? That is the question: The cost of renting vs. buying a home

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Should you rent or should you buy? There are a lot of factors to consider when tackling this question. Affordability, of course, is one of the biggest.

A 2015 Global New-Ipsos Reid Poll found 17 per cent of renters were confident they could buy soon while 83 per cent said they just couldn’t afford it.

That doesn’t surprise Ben Myers, a market research and analytics expert with Fortress Real Developments. He thinks those wanting to buy may need to temper their expectations.

“I always recommend starting out with a small condominium. Less maintenance to take care of. … Not immediately pushing out to your maximum budget gives you the additional freedom to take vacations, have more fun on the weekends, and gives you greater flexibility should your employment situation change or the housing market or interest rates change dramatically.

“Although renting also provides tremendous flexibility, you may be missing out on appreciation in the market, and a tax-advantaged forced savings plan that is home ownership.”

His bottom line?

 

“If you’re planning on living somewhere for five years, you’re in a stable job, then you should be looking to buy.  

If you’re transient in nature and unsure about your employment situation, then I would definitely recommend renting.”

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Originally posted 2015-05-10 21:39:33.

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