When deciding to move, a common question that comes up is “is it better to rent in Mississauga or buy a house in Mississauga?” The answer is completely circumstantial. You will need to evaluate the pros and cons of each scenario to determine what is right for you. Housing costs in Mississauga are rising, especially near the Square One area. The following will help shed some light when looking at both scenarios:
Pros of Renting in Mississauga
- Lower upfront costs – As a renter, you will only be required to pay first and last month’s rent, and in some circumstances leave a security deposit.
- Invest Money Elsewhere – Money that would be spent for a downpayment and closing costs can be invested in other opportunities that could be more valueable.
- Career Uncertainty – If you are unsure if you will be needing to move in the near future or changing careers, renting affords you the freedom to come and go as needed.
- No Commitments – If you are unhappy with neighbourhood you live in, you can easily move without the hassle of selling your home first. Rent is typically only a one-year commitment.
- No Maintenance Fees – Should problems arise with pipes and leaks, your landlord is responsible to maintain the property in good working order.
Pros of Buying in Mississauga
- Build Equity – When you own a property, you are building equity, and in the future are able to borrow against it for any major purchases such as purchasing a second property or renovations.
- Great Mortgage Rates – the current low interest rates makes purchasing a home more affordable in todays market.
- Rental Income – Properties can provide you with a possible source of income if you choose to move and rent the property out. Mississauga residents are constantly looking for rental properties; so you shouldn’t have any trouble renting your place out.
- Tax Deductions – Owning a property can entitle you to some tax deductions at the end of the year.
In the end, deciding whether to rent or buy a home has much to do with your personality, interests, and financial plans. Have a good look at your lifestyle, weigh out the pros and cons, and be comfortable with your decision.