{"id":18910,"date":"2021-11-30T11:11:00","date_gmt":"2021-11-30T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18910"},"modified":"2021-11-18T12:48:02","modified_gmt":"2021-11-18T20:48:02","slug":"rent-vs-buy-making-the-right-decision-going-into-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/11\/rent-vs-buy-making-the-right-decision-going-into-2022\/","title":{"rendered":"Rent vs. Buy &#8211; Making The Right Decision Going Into 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">Are you trying to decide if now is a good time to put in the effort and money to buy a home? There are many questions that you should answer before making that decision. The financial question is only one of several that you want to start with. What about your personal life? Do you have kids that should be in a better school district and need a backyard to romp around in? Do you want your kids to have a dog that needs that same backyard? Do you need a home office to make working from home much more practical? What about a garage to park the car during the winter months and to enjoy hobbies such as woodworking?<\/p>\n<p style=\"text-align: justify;\">If you are financially ready, let\u2019s look at the bigger picture to help you decide if now is the time to make the big decision of buying your own home &#8230;..<\/p>\n<p style=\"text-align: justify;\"><strong>Cons of Buying a Home Today<\/strong><\/p>\n<p style=\"text-align: justify;\">The cons are the shorter part of the pros and cons list. There are reasons why some people are willing to pay a landlord to manage their living space. The biggest advantage to renting is that the landlord deals with the taxes, insurance, repairs, etc. But make no mistake about it. Your landlord is charging a higher rent to cover these services and making a profit by doing it for you.<\/p>\n<p style=\"text-align: justify;\">Another biggie that makes renting a preferred lifestyle is that you plan to do a lot of traveling. If you\u2019ve become established working remotely, you might be thinking about relocating to Costa Rica or Thailand for a few years. There are many comfortable places around the world where you can live on a lot less money. The rent is cheaper and the cost of living is much less. This might be a financial as well as a personal reason why you want to continue renting rather than buying. It\u2019s much faster and a lot less trouble to break a lease than it is to sell a house. Also, as a rule, it takes at least five years to recover the closing costs after buying a home.<\/p>\n<p style=\"text-align: justify;\">Or maybe you have an upwardly mobile career. If you have good reasons to believe that you\u2019ll be making considerably more money in the coming months or a year, it could make sense to rent until you qualify to purchase a bigger and better home. Just be sure that your chances for that promotion are reasonable and not pie in the sky thinking.<\/p>\n<p style=\"text-align: justify;\">You may have other reasons to postpone buying even if you can afford it today. Take a few minutes to consider your personal reasons as well as your financial reasons.<\/p>\n<p style=\"text-align: justify;\"><strong>Pros of Buying a Home Today<\/strong><\/p>\n<p style=\"text-align: justify;\">I\u2019m not going much into the financial reasons why buying a home is the American Dream. However, having a sturdy roof over your head should be a top priority for everyone. If you hit financially hard times and can\u2019t pay the rent \u2013 out you go. That can happen in a couple of months, and you won\u2019t have anything to show for it. It\u2019s much easier to hang on to a home that you own for much longer and come out of it with money in your pocket even if you do lose the home. Lenders have programs to help you make up back payments if you miss a few mortgage payments. A foreclosure also takes much longer than a rental eviction and you can make up the back payments or start a new payment plan at any time up until the foreclosure is completed. The even better news is that you aren\u2019t likely to be foreclosed on even if you are no longer able to make the payments. You might have to sell the house but in today\u2019s rapidly appreciating market, you will likely come away from the sale with several thousand dollars in your pocket \u2013 money to keep a roof over your head.<\/p>\n<p style=\"text-align: justify;\">Kids, dogs, and a yard are very common non-financial reasons to decide it\u2019s time to buy. But there are more reasons.<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Buying your own home makes you feel like an adult. You gain the feeling of stability, security, and being settled.<\/em><br \/>\n<em>\u2022 You have pride in ownership.<\/em><br \/>\n<em>\u2022 You have complete freedom to renovate and decorate in any way that you want. You can have the appliances of your choosing instead of the landlord\u2019s choosing.<\/em><br \/>\n<em>\u2022 You have more privacy.<\/em><br \/>\n<em>\u2022 Community involvement. This involves everything from having a stable voter registration to making life-long friends. You won\u2019t be moving every two years, and neither will your neighbors. You\u2019ll be more likely to volunteer at schools and for other civic activities. You\u2019ll feel like you are part of your community.<\/em><br \/>\n<em>\u2022 Tax benefits. Yes, this is a financial reason, but not only will you no longer be paying the landlord to do the property taxes, but your gain is also twofold. You\u2019ll also start being able to write off property taxes and mortgage payments on your taxes. Not only are you paying the landlord to do those taxes, but they are also writing them off on their taxes.<\/em><br \/>\n<em>\u2022 Take a moment to think about your reasons why buying a home now is the best decision.<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>Making the Right Decision to Buy or Rent<\/strong><br \/>\nTaking full control of your finances can be the adult thing to do but the decision to buy or rent isn\u2019t only about money. Your parents telling you it is the right thing to do isn\u2019t always correct either. But don\u2019t brush off the financial reasons. You will almost certainly come out financially ahead if you buy a house sooner rather than later. Still, your plans for the future, your career, other goals, etc. all play a role in your decision.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/is-it-better-to-rent-or-buy-a-home-going-into-2022\/98764588\/\" target=\"_blank\" rel=\"noopener\">Is It Better to Rent or Buy A Home Going Into 2022?<\/a> Brian Kline | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you trying to decide if now is a good time to put in the effort and money to buy a home? There are many questions that you should answer &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/rent-vs-buy-making-the-right-decision-going-into-2022\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18910","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rent vs. Buy - Making The Right Decision Going Into 2022 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/rent-vs-buy-making-the-right-decision-going-into-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rent vs. Buy - Making The Right Decision Going Into 2022 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Are you trying to decide if now is a good time to put in the effort and money to buy a home? 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