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Renting versus Buying your Home

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Buying or renting just depends on your circumstances

Growing up I was always told that it's a good idea to buy your own home. So when I married that is just what I did. Our first home seemed so expensive back in the 80's, but in retrospect it seems pretty cheap now. The real estate market was always seen as a good place to invest your money, but having moved from the UK to Nova Scotia , Canada a few years ago just before the housing market crashed in the UK was quite a scary time. We were lucky to sell before the prices tumbled, but had we left it another year then we would have had no choice but to stay in the UK because our house would not have sold. Obviously recovery will happen, but not everybody has the luxury of waiting until that day arrives.

Renting sometimes is the best option

Storage facilityMy children have also been raised with the knowledge that buying is better than renting, but there are some good reasons to rent at certain points in our lifetime. When you first leave home nowadays it is typically in your 20's and many people have debts from school loans, so renting is the best option. Furnished apartments or unfurnished is really up to you, but remember that if you buy stuff then you'll have to get a local moving company to help you relocate your furniture, or you could rent a truck to move yourself. There is even the option of storage. You can find a good local storage service to safely store, which could give you the option of a long or short term basis until you need your furniture back.

Invest when you can

Housing ladderIf you plan on moving to another province then it is wise to rent until you are happy to live in an area long term. Save, save, save and get on the housing ladder at some point in your life. Unless you're wealthy, or have money to invest! If this is so, then buy a property. If you wish to move to another area later on then you can easily rent out your first home to someone else. It has to be said that once you own a home that you should try to keep your home, your castle! Renovations, no matter how small are the key to keeping your home an up to date investment. If you're not sure what needs a building permit then find a good property services company to do it for you.

The real estate market is the best place to invest your money.

Help with Renting & Buying your home

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Rent or Own your Home?

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New Guestbook Comments

  • Bunter Mar 30, 2012 @ 10:50 am | delete
    Interesting lens. The trouble is once you rent it's hard to find a deposit to put on a house - rentals are so high!
  • TSmith1963 Mar 23, 2012 @ 10:55 am | delete
    I didn't vote, because like you said it depends on your circumstances in life at the time. Good lens though!
  • cffutah Feb 22, 2012 @ 10:28 pm | delete
    Enjoyed your comments and two sides too.
  • ajgodinho Jan 25, 2012 @ 4:06 pm | delete
    Yeah, I agree though buying a house is definitely a good idea, it's important to weigh one's options depending on the situation. When I first moved to Canada I bought a condo and then when I moved up to northern Ontario, 4 years later, I decided to rent because I didn't know how long I was going to be there. I've moved a few times within Ontario in the past 20 years and I've been lucky that timing has always been on my side. I currently own another condo as I'm back in the GTA and prices have appreciated a good deal in the past 5 years.
  • servantoftheLord Jan 10, 2012 @ 8:02 am | delete
    Good information, and timely. Lots of folks are faced with housing decisions these days.
  • malkyb Jan 10, 2012 @ 8:10 am | delete
    Thank you for taking the time to comment - much appreciated.
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malkyb

I am a man on a mission, with the help of my wife (I'll be lynched if I forget to mention that ;) ) , helping businesses in the crazy cyber world!... more »

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