For all my renters out there how are you doing? What is the deal with renting? Everyone seems to have their own opinion about why you should not be renting and how it may or may not be paying someone else's mortgage in certain situations, however one thing is for certain you will have to live somewhere. When it comes down to putting a roof over your head or being homeless obviously i would rent. Some people have said that you should live at home and save your money until you have saved enough money to move out and buy a home and live happily ever after. However, who is to say that buying a home is not more of a responsibility or expense on your part. The objective point of view is that you own something that can potentially gain equity and give you a better credit score in the long run. However, what most pple seem to not recognize is that in comparison to renting buying a home can actually be a lot of work, money and stress. First of all there is the continuous maintenance that you will have to perform, shovelling your drive way, fixing anything if it breaks, paying land taxes, hydro, water, heat and any other expenses that come with owning a home. When renting it really comes down to one set fee your rent, parking if you have two cars and your laundry. We have prepared a chart to display the differences as an example below.
Renting or owning is always something that needs to thought through. Based on your family or financial situation who is to say which one is better , however in the long run owning your own property always makes more sense and it is unwise to want to rent forever. You be the judge....
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