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Apr 17
Rent or buy?
“There is no place like home.”
We have all heard this saying many times.
My question is - do you own your home or do you rent?
This is ultimately a personal decision one has to make that fits their finances and lifestyle. As a long-time homeowner, I feel there is something to be said about owning your own home and paying your monthly shelter expense to something that is yours. The best decision I made is to own my own home.
By taking the monthly expense you would be paying towards your shelter costs through rent; make a plan to make this amount be your monthly mortgage payments.
For most of us, whether we rent or pay a mortgage, we have to make payments for some sort of shelter cost.
With most of my clients, when I have them pre-approved I often find their monthly shelter costs are often more, or equal to what they would pay for a mortgage payment and all other expenses associated with owning your home.
I have seen rental payments as much as $2500 per month. So, lets assume for a moment that you would use $2000 towards a monthly mortgage payment (saving the remaining $500 expense towards other monthly carrying costs) and have $25,000 saved up in your RRSP’s (first time buyers can use up to $25,000 tax free towards their first home purchase).
This would equate to a home purchase price of approximately $400,000, with a mortgage of $380,000.
If you review the cost of a home over the last 25 years, the real estate market has increased during that time with at least inflation.
So, the price you would pay for a home today would in 25 years (once you have paid off the home) be worth at minimum the same if not more than what you purchased the home for. In the example used, you could have an assets valued at least $400,000 (the original purchase price).
The flip side is if you were to rent for 25 years, the monthly shelter cost you would be paying would not go towards anything.
With renting, at the end of the 25 years, you would not own any tangible assets or be rent-free. Even if you are not ready at this point to buy, take a moment to discuss your potential financing options with your mortgage professional.
They can help you establish a plan to work towards buying your first home. Your mortgage professional can not only advise how much you can be pre-approved for, but also help you make a plan to save up your down payment and closing costs. (Check out BMO SmartSteps and BMO MoneyLogic)
So, while you may not be buying your home today, you can work towards becoming a homeowner and “rent free” soon.
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I agree with the fact that at the end of the 25 years you end up being rent free though most people forget that in a rental you have worry free living where as in a owned home you have additional maintenance costs.
You get concerned about if you should buy a home, or whether you can even *afford* to buy a new home. It seems there are a lot of reports concerning whether or not it is still affordable to buy.fashion of today
Thank you Mr. T for the added information.
I agree, that when you are a homeowner you should take into account the additional expenses when owning a home. This should include ongoing maintenance/repair costs to keep you home in order. This is something you should also include in your monthly carrying costs and when determining if the total cost of owning a home fits your budget.
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