Houses for Sale: To Buy or to Rent
To buy or to rent? This is an age-old question that has troubled many people over the decades. When is the right time? What kind of mortgage should I go for? Should I buy a condo? These are all valid questions to consider when looking at houses for sale. West Shore Beach Club offers high-quality homes for sale near the Orillia and Wasaga Beach area.
The Renting vs. Buying Guide
Seeing your friends buying homes can be tempting. You want to join the club and to own your home. Owning a home is a rewarding experience, but only if you can own your home without crippling yourself financially. No one wants to be house poor, a condition typically assigned to home owners who can barely afford to pay their mortgage and are at risk of losing their home.
Are you still interested in our homes for sale? Consider the following features of home ownership versus renting.
- Renting a home comes with lower monthly costs (depending on the area you rent from).
- Your monthly costs are predictable and directly related to your rent total.
- Most properties will expect a deposit that can be lost if you cause excessive damage or break any agreements.
- Money paid towards rent is lost and doesn’t add any value to your net worth.
- Depending on the size of your rental unit, you may be able to sublet rooms in the house.
- You have no obligation to pay for maintenance, but you are at the mercy of your landlord and their untimely schedules.
- Your commute is in your hands. You can rent a home close to your work that you otherwise wouldn’t be able to afford.
- You can move out whenever you want after your lease has expired.
- Costs are much higher. You will be responsible for making mortgage payments, property taxes, utilities, maintenance, furnishing, decorating, upgrades, and interest.
- Unexpected repair costs can creep up and cause you financial strain.
- Build equity as you pay off your home.
- Use equity as leverage to purchase additional houses for sale.
- Depending on your budget, your commute will be longer. An affordable home generally comes with a longer commute.
- Moving is a tough task and requires planning. You will need to list your house with other houses for sale and the market can be unpredictable at times.
When looking at houses for sale, there are four main questions that you should ask yourself:
- What kind of housing are you looking for?
- What is your price range and what can you afford?
- Will you need to move again anytime soon?
- Is home ownership important to you or would you be happier renting?
You should be able to answer all of these questions before going house hunting.
If you are looking at condos, you also need to budget in condo fees. While they may seem low, condo fees are constantly changing and could add unwanted expenses to your budget. If you purchase a home with a large property, you will need to allocate enough time to properly care for your lawn. Home ownership is a multi-factor commitment.
The West Shore Beach Club offers many houses for sale near Orillia targeting potential buyers throughout Wasaga, Kawarthas, Orillia, the Horseshoe, Gravenhurst, and much of the Northern Ontario Lake Simcoe area. If you are looking to escape the city, check out our cottage country homes for sale today. Our homes offer you a break from the fast-paced lifestyle of Toronto. If you have any questions, please feel free to contact us through our website. We would be more than happy to answer any questions that you may have.