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Pros and Cons of Renting a Home in Orangeville

Pros and Cons of Renting a Home in Orangeville

If you are wondering if it is the right time for you to buy a home in Orangeville, you might want to think about the pros and cons of renting versus buying. Here are a few of them, which might help you make up your mind.

Let us first go over the Advantages of Renting a Home in Orangeville
  1. You do not have to worry about finding a mortgage lender.
  2. You do not lose equity as the Orangeville real estate market rises and falls; then again, you do not gain equity either.
  3. You do not have to put down as much money up front.
  4. You have fixed rental fees that will not fluctuate during the length of your lease.
  5. All you have to do is leave when your lease is up. You do not have to worry about selling your home.
  6. You do not have to pay for maintenance on the home.
Now let us go over the Disadvantages of Renting a Home in Orangeville
  1. Your investment never goes up. You never gain equity.
  2. You do not gain an investment, in which you can use the equity for other things as you grow older.
  3. You are not free to do your own maintenance.
  4. You cannot decorate or renovate your home any way you want.
  5. You cannot receive some great tax breaks that go with homeownership.
  6. It is possible for the home in Orangeville to be sold out from under you – sometimes without warning.

Both renting and buying an Orangeville home has its advantages. Whether you buy a home really depends on your personal life, and factors like job stability and personal finances. Some people are more than ready to have a permanent place to call their own, and others just do not mind moving about.

One thing is for sure — most Canadians do not want to spend their entire lifetime renting. At some point, buying a home is going to be a good investment and create equity for your future.

If you are considering buying real estate in Orangeville, there is no better time to do it than now with home prices and interest rates at their lowest in decades. Let us show you some of the great home buying opportunities available in today’s real estate market.

Thinking of buying or selling? Contact us today to learn about Dufferin County Real Estate or to have Orangeville MLS® Listings sent to your email address.