Should I Buy a House or Rent - Pros & Cons

Should I buy a house or rent a house in Ottawa?🏘 Lately, there's been a lot of debate whether there's a housing crisis in Canada as well as a housing crisis in Ottawa. But, maybe buying a house is not the right thing to do at this time.

Let's look at some of the reasons why your should not buy real estate now!

Time Stamps
00:00 - 0:23 Introduction why not buy real estate in Otawa or Canada
00:23 - 1:01 Inital Investment and Upfront Costs
01:01 - 1:28 Annual Expenses
01:28 - 2:03 Overall Costs in Year One
02:03 - 3:08 Rent insted of buying a house
03:08 - 3:24 Pros and Cons, buy versus renting
03:24 - 4:09 Be logical and not influenced by others to buy a house

Notable in this movie.
Mortgage Interest in year one of holding a mortgage, with 20% down is $29,500. That is before you pay one dollar towards your principal mortgage amount!

First year holding costs are $195,000 minimum.

Financial stress is the main driver of marital breakups and divorce.

Year one costs =
Purchase - $153,699
Holding costs - $45,100
Total - $198,799*
These numbers do not include renovations, re-modelling, landscaping, new appliances, drapery, furniture, carpets, etc.

Pros and Cons if you choose to rent.

⭐Pros
Rent as Alternative to Purchase
Invest total “year one” costs of $200,000 at 6% = $12,000.
At end of year one you have $212,000 more in your pocket.

⚡Cons
• Won’t gain annual appreciation of a property if renting.
• Won’t have the psychological comfort of “your own home” if renting
• Will have to pay rent of $2,400 x 12 = $28,800 annually.

Be Logical not Influenced
Home ownership is expensive and not appropriate for everyone.

Don’t let societal norms, real estate agents, mortgage brokers, friends or family talk you into making a massive financial commitment that you’re not ready for.

Financial stress is reported to be the #1 factor in marital breakdowns and divorce.

You could be happier with more money in your financial portfolio, more personal time, a more carefree lifestyle and less stress living in a rental property.

If you want to buy a home in Ottawa, search all listings using our MLS and Map Search here...👉👉👉
https://www.agentinottawa.com/search/...

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