Скачать или смотреть Real Estate Education Friday - Rent Vs Buy?

📚Todays real estate educational topic focuses on the age old question. To rent or to buy? To answer this, you need to ask yourself these questions:❔

1. Do you expect to move regularyly?
2. Do you want stability?
3. Is renting cheaper than buying?

💸Always follow the 5% rule. That being if you take the purchase price of a property and you multiply✖️by 5% then you divide ➗by 12 you will see what your monthly costs would be and then you compare that amount to your rent. If your rent is cheaper than the 5% of the purchase price, then it makes sense to continue renting. If however your rent is more expensive than you should start looking at options to buy. This 5% represents the unrecoverable costs incurred on a yearly basis. 💰

👀The second method to look at when deciding to rent or buy is to try and calculate the unrecoverable costs for the year. Examples of these include property taxes, maintenance of the property, and the cost of borrowing (ie mortgage, line of credit). Taking the the 5% rule in to account. Is it cheaper for you to rent or buy? 🏡

🤔There is no golden answer to this age old question. You have to understand your own personal situation, and run the above scenarios for yourself.

👉Renting may give you a little bit more flexibility when it comes to potential investment opportunities or any big career moves. However, you will miss out on any increases in the housing market 📈.

😕Are you confused as to which side you’re leaning more towards? It’s always a good idea to speak with a financial advisor, a mortgage broker and realtor as well. This will help you choose the best solution that is right for you. 🙌
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If you are thinking of buying or selling or want to know more about the current market, you can contact me via text 📲 (416) 876-9998 or email 📧 [email protected]