Rent Or Buy A Condominium In Toronto
If you are interested in living in a condominium in Toronto
, you are going to have to make the decision of whether to find a Toronto condo to rent or to buy. Buying and renting have significant advantages as well as disadvantages so it is really up to you to decide which course of action you will want to take. Regardless, there will always be available properties for both sale and rent in Toronto.Toronto the most popular city to live in Ontario. It is popular for many reasons. It is now the largest city in Canada and it continues to be growing at a fast pace. Living in a condominium is also gaining popularity too. More and more people are going after condo living so the choices can sometimes seem scarce.
The major advantage of renting is the fact that it costs less than buying. Buying on the other hand is an investment as property prices generally tend to go up in the long run. So in other words the value of your investment will continue to grow year after year. When you get a mortgage for your condo it will slowly become yours with every payment.
On the other hand, when renting, each payment goes to pay the owners mortgage and you are in other words paying for someone else to own. Generally, mortgage payments stay about the same from month to month, but rent charges can go up. Another point to consider is that renter's insurance is substantially cheaper than homeowner's insurance.
An additional advantage to renting is that you are flexible by not being committed to the property. If you dont have a lease you can pretty much move any time you like. If you do have a lease you might have to pay a penalty for breaking a lease.
If you own the property and decide to move then you should keep in mind that you will have to find a renter or buyer for your property. When renting however, all you need to consider when moving is to leave the property in good shape for the landlord.
by: Chad Smith