Toronto Condo: Rent Or Purchase, What Is The Answer? Useful Discussion On Pros And Cons Of Renting And Buying

To rent or to buy? That is the question. If you're searching for a Toronto condo for rent, it's one you've probably asked yourself a lot of times over.

So what's the answer? Should you rent, give your money away to a landlord, or should you purchase, and squeeze your budget so you can fit in a mortgage payment?

There's no right or wrong answer. Whether you should find a Toronto condo for rent or for sale depends upon you, and your current lifestyle and budget.

Many people are staunch about buying over renting. They'll tell you that purchasing a condo will cost you about the same as renting one, and that renting is throwing your money away. However, it isn't quite that simple. You may certainly find a Toronto condo for sale that would be about the same in mortgage payments as you'd pay for per month rent. But the mortgage isn't your only expense when you purchase a condo. Municipal taxes, and condo & maintenance fees also apply. So, you could end up spending several hundred dollars just in maintenance fees alone, together with your mortgage payment. When you rent, you don't have to worry about that.

Let's have a look at some pros and cons of both sides of the story.

Finding a Toronto condo for rent

The benefits to this are that you're not responsible for doing any maintenance or repairs, and you do not have to pay a separate monthly maintenance or condo fee. You won't need as much cash flow every month, and you can also move whenever you want, therefore you have more freedom to make a change in life style and location. (certainly, check your lease!)

There are also downsides to renting. You won't be investing in a property that you can then resell in a few years, and likely make a profit (depending on the market, naturally). You are giving your money to someone else, instead of investing in yourself, and are not building any equity. And certainly, you will have a landlord - whom you may or may not like, and who may or may not be quick 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 are building equity that will serve you well in the future. You could also turn around and sell, or rent your condo out later on. You also have the freedom to renovate it and make changes a you see fit. You'll get credit easier in the future as well, since lenders love to see property ownership on an application.

There are downsides also. You need more cash flow, since you have got more monthly expenses to worry about. Condo & maintenance fees tend to increase over time as well. And obviously, if you want to move, you require 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 each month to sustain increasing fees, find a Toronto condo for rent. If you are thinking long term, then look for a place to buy.

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