Renting vs. Home Ownership

Renting vs. Home Ownership

This is a decision which many people face, and the decision is not as easy to make as it may sound.

As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property values, can be a rapid and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the opportunity to invest in other opportunities.

When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.

Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.

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Sung Woo
Sales Representative
sungjungw@gmail.com

RE/MAX Condos Plus
Brokerage
Independently owned and operated

1170 Bay St. #110 , Toronto, ON M5S2B4

Phone: 416-640-2661  Fax: 416-640-2688  Mobile: 416-732-8920
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