To rent or to purchase? That is the question. If you are looking for a Toronto condo for rent, it is one you have probably asked yourself several times over.
So what's the answer? Should you rent, give your money away to a landlord, or should you buy, 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 life-style and budget.
Some people are staunch about buying over renting. They'll tell you that buying a condo will cost you almost the same as renting one, and that renting is throwing your money away. However, it is not quite that simple. You may indeed find a Toronto condo for sale that would be almost the same in mortgage payments as you would pay for monthly rent. But the mortgage isn't your only expense when you purchase a condo. Municipal taxes, and condo and maintenance fees also apply. Thus, you could end up spending several hundred dollars simply in maintenance fees alone, on top of your mortgage payment. When you rent, you don't require to worry about that.
Let's look at some pros and cons of both sides of the story.
Finding a Toronto condo for rent
The advantages to this are that you are 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 can also move whenever you wish, so you have more freedom to make a change in life-style and location. (of course, 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, of course). You are giving your money to somebody else, rather than investing in yourself, and are not building any equity. And naturally, you'll 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 at all, really.
Finding a Toronto condo for sale
The advantages to buying are, first and foremost, that you are building equity that will serve you well in the future. You could also turn around and sell, or rent your condo out later. You also have the freedom to repair it and make changes a you see fit. You'll get credit easier in the future also, because lenders love to see property ownership on an application.
There are disadvantages too. You need more cash flow, because you have got more monthly expenses to worry about. Condo and 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 don't think you are going to live there for more than 5 years, or if you don't have the cash flow each month to sustain increasing fees, find a Toronto condo for rent. If you are thinking long term, then look for a place to buy.
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