When it comes to deciding whether to rent or buy a home, discussions of pros and cons tend to centre around the financial considerations. However, the rent or buy dilemma is about far more than just money. Another important consideration is lifestyle – which option will allow you to live the life you want? That’s a difficult question to answer, but we’re here to help.
Here’s a handy checklist to help you decide if you should be a renter or a buyer.
- I move around a lot, or want the freedom to do so if I choose, and don’t want to be tied down to one specific city, neighbourhood or job
- I want to live in an in-demand community that has amenities that appeal to me (restaurants and bars, parks, schools, etc.), but can’t afford to buy a home there
- The idea of having a mortgage and various home-related bills to pay feels like too much responsibility and stresses me out
- I like having disposable income and value having a great deal of flexibility when it comes to budgeting
- I still don’t know what I want to do with my life, and my long-term plans and goals are up in the air
- Owning a home is not an important goal for me
- I appreciate the stability and certainty of being tied to one place and have no plans to move any time soon
- If a community has most of the amenities I want, I’m flexible about where I will live in the city
- I welcome the increased responsibility of a mortgage and home-related bills, especially when they mean that I have greater control over the place I live and don’t have to deal with a landlord or property management company
- I’m great at budgeting and my monthly expenses are relatively fixed
- I feel happy and secure in my current career and where I am in my life, and my long-term plans are clearly defined
- Homeownership has always been a dream of mine – white picket fence, front lawn, all that jazz – and owning a home is an important goal for me