Renting vs. Buying a Home

September 30, 2021

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There are advantages to both renting and buying a home. Make sure you understand the benefits and responsibilities of each before you decide what’s right for you. Let’s discuss some pros and cons of owning a home versus renting to see which option is better for you



  • Less maintenance and repairs
  • Lower monthly and upfront costs
  • Shorter term commitment – makes it easier to move to a new home, neighbourhood or a city
  • Possibility to use cash to invest or to save for a higher down payment


  • You are paying someone else’s mortgage rather than building your own equity
  • Monthly rent payments may increase year after year
  • You have to get your landlord permission for making any changes



  • You are building your own equity than someone else’s
  • Potential for increase in your equity with shift in market
  • Potential for additional income through rental income if you rent a secondary suite
  • Stability and peace of mind from owning a home


  • The risk of financial loss with a shift in market to downward trend
  • Responsibility for all ongoing costs including mortgage principal, interest, taxes and maintenance
  • Monthly payments can increase with increase in interest rates
  • Possibility of unexpected and potentially costly repairs

If you need renting or buying a home advice, please contact us!



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