Everyone needs a place to live, a place to rest their heads after a long day. Hence, it is essential to settle your accommodation before moving to Winnipeg. If you want to relocate to Winnipeg, you can choose between buying vs. renting for accommodation.
If you are a single person who is moving into Canada from another country, you can consider moving in with friends and family for a short time. Doing this will help you to gather enough money to get your private place. Nevertheless, this condition does not apply to every person.
Moving into Canada as a family means you need your personal space. It does not matter if you are a large family or otherwise; you can either rent or buy a house. This article provides the essential information you need.
Which one should I consider: Buying or Renting?
This question has been debated forever, and it is still relevant today. People often answer the question with, “it depends on money.” However, some wealthy young professionals prefer to rent a space and not buy one. Why Renting?
Renting is an affordable option
Unlike renting, buying does not end with paying for the property itself. There are other payments like mortgage interest, taxes, and other charges. Much more, additional charges with time may include fencing, driveways, gardens, and landscaping.
The mortgage payment is not the same as the rent payment. Buyers put down at least 5% of the upfront payment, while renters do not need one. More so, house owners pay condo fees, insurance, and utilities.
No cost for maintenance
Maintenance is another reason to consider renting over buying. Rental companies take care of maintenance while the house owner maintains their place. Also, some damages can be overboard and will require more funds.
Renting is more flexible
You can rent a space for a fixed timeframe and decide what happens afterward – the option to renew or get a new place. Renting makes it easy to survive unplanned life situations like a family emergency, a better job offer in a new location, or wanting to move into a new environment.
The process is more rigorous if you buy the house. You have to reconsider before moving if you may eventually sell your home. However, the unplanned life situation may not give you this luxury of time.
Less financial and emotional stress
Everyone would agree that buying a house requires more financial and emotional energy than renting. It would help if you got ready to spend hundreds of thousands of dollars on a good home, from the mortgage to other taxes and fees.
Renting does not take as much of your money to get started. You can invest the rest into your investment portfolio and get an improved yield.
On the other hand, why should one consider Buying?
Buying a house qualifies you for a mortgage
With owning a house, you are often allowed to borrow from the equity in the house when needed. You can borrow more funds from banks or other financial institutions. A bank will only lend you money based on how much you earn.
House increase in value
Most times, accommodation is treated as an investment. The reason is that it becomes valuable as the years pass. The home can be a source of income during rent and be worth more. Hence, you can sell it for a higher price at this rate. You would have earned a lot of money as rent and another, on the point of sale.
Buying a house gives freedom
You can do it anyhow in your house. You can decide to demolish a part and restructure it. It could be fences, gardens, garages, or even walkways. A house owner does not answer to anyone about what they do with their house.
A constant personal space
Your house is your house, even after a year or more. Unlike renting, the house still belongs to you, even after a few years. You can always access your house with no restrictions anytime in Winnipeg.
Choosing to buy or rent still depends on money. With $900 to $3,000, you can rent a space. However, buying requires more funds – $100,000 and above. The decision to buy or rent is yours. However, consider your lifestyle, plans, and finances before you make a final choice.
– Koss, M. (2022). Rent vs Buy: Which is Right For You? – Living at 300 Main Downtown Winnipeg. Retrieved 1 August 2022, from https://livingat300main.ca/rent-vs-buy-which-is-right-for-you/
– The Pros and Cons of Owning a Rental Property in Winnipeg | Sterling Homes Winnipeg. (2022). Retrieved 1 August 2022, from https://sterlinghomeswpg.com/pros-cons-owning-rental-property-winnipeg/