Toronto Condo: Rent Or Purchase, What's The Answer? Useful Discussion On Advantages And Drawbacks Of Renting & Purchasing

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

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

There's no correct or incorrect answer. Whether you should find a Toronto condo for rent or for sale depends on you, and your present lifestyle and budget.

Many people are staunch about purchasing over renting. They will tell you that purchasing a condo will cost you nearly the same as renting one, and that renting is throwing your money away. However, it is not quite that simple. You may certainly find a Toronto condo for sale that would be almost the same in mortgage payments as you'd pay for per month rent. But the mortgage is not your only expense when you buy a condo. Municipal taxes, and condo & maintenance fees also apply. Therefore, you could end up spending several hundred dollars simply in maintenance fees alone, on top of your mortgage payment. When you rent, you do not have to worry about that.

Let's have a look at some advantages and disadvantages of both sides of the story.

Finding a Toronto condo for rent

The advantages to this are that you're not responsible for doing any maintenance or repairs, and you don't have to pay a separate monthly maintenance or condo fee. You will not need as much cash flow each month, and you could also move whenever you want, therefore you've more freedom to make a change in life-style and location. (naturally, check your lease!)

There're also downsides to renting. You won't be investing in a property that you can then resell in several years, and likely make a profit (depending on the market, obviously). You're giving your money to someone else, instead of investing in yourself, and aren't building any equity. And obviously, you will have a landlord - whom you may or may not like, and may or may not be quick with repairs and upgrades. Oh - and do not expect upgrades entirely, really.

Finding a Toronto condo for sale

The pro's to purchasing are, first and foremost, that you're building equity that will serve you well in the future. You can also turn around and sell, or rent your condo out later on. You also have the freedom to repair it and make changes a you see fit. You'll get credit easier in the future also, since lenders love to see property ownership on an application.

There're downsides also. You need more cash flow, since you've got more monthly expenses to worry about. Condo & maintenance fees tend to increase over time also. And of course, if you desire to move, you have to sell your condo first.

Basically, if you do not think you're going to live there for more than 5 years, or if you do not have the cash flow every month to sustain increasing fees, find a Toronto condo for rent. If you're thinking long term, then look for a place to buy.

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