Owning versus renting: Which is better?

rent or buy home

Photo Credit: Family Business

Deciding between renting your home and buying it is one of the most debated discussions that occur in adulthood. Many experts have different theories, and there may not be a single right answer. You can research and calculate as much as you want, but only you can figure out what is best for your current situation.

Should You Rent Your Home?

Renting a home often requires a first and last month’s deposit, a security deposit, pet fees, etc. It may include amenities as well. Let’s look into what to expect when looking for a home to rent.

Pros Of Renting

  • Lower upfront cost and less paperwork.
  • No property tax or other fees tied to homeownership.
  • Home repairs and maintenance are your landlord’s responsibility.
  • Grants freedom to change jobs or neighborhoods.

Cons Of Renting

  • Little to no freedom to modify your home.
  • The landlord has the right to raise the rent or sell the property.
  • Doesn’t accumulate equity, and it only builds credit if your landlord reports your rent payments to the credit bureaus.

Should You Buy Your Home?

If you know that you will live in the same place, earn a steady income, you may be eager to switch out your monthly rent expense for a mortgage. Finding a home to buy is a more significant financial decision, and you cannot do it alone. Check with professionals, like a mortgage broker in Toronto, to work on your behalf and find mortgage lenders.

Pros Of Homeownership

  • Homeowners can accumulate equity and credit over time.
  • You don’t have to worry about rent prices going up.
  • You have the right to improve or modify your home as you please.

Cons Of Homeownership

  • More expensive upfront and requires more paperwork
  • Doesn’t grant you the freedom to move when you want.
  • If you do decide to move, selling your home may be difficult depending on the market.
  • Home repairs and maintenance are your responsibility.
  • You may not be able to deduct mortgage interest payments during tax time.

Which Is Better?

Knowing which will save you the most money will depend on the current housing market, where you want to live, and how long you plan on living there. Consider the following factors.


Places that are costly like New York or San Francisco may be better for renting as the only affordable options. Low-cost areas offer more chances of homeownership, plus it is an easier investment to build equity and benefit from home price appreciation.


Think about what stage in life you are in right now. Are you switching jobs often or in a stable job and looking to settle down? Decide between the stability of being a homeowner and the freedom to having mobility.


You may value the freedom to renovate and own your home. How you prioritize stability and independence may determine if you are ready to become a homeowner.

Our Final Verdict

Make your decision based on your short term and long term goals. It’s important to note that you should not be sold on the dream of homeownership if it means financial hardship. The same applies if renting will cost you instability and no peace of mind. At the end of the day, a home is what you make of it.




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