Friday, July 20, 2012

Should you rent a home instead of buying one?

Buying a home has traditionally been a smart thing to do. In addition to the sense of pride and security that homeowners feel, there are tax advantages to owning your principal residence. And Canadian homes have usually appreciated in value.

But is this traditional thinking sound? Critics argue that if you move frequently, renting makes more sense since you are not likely to recover the closing costs of buying a home or get the selling price you want. Whenn you factor in the down payment, mortgage, renovations, maintenance and property taxes, it may be smarter to rent than own. And they question whether a home is a wise investment.

From an expert in the field: Mr. John Dickie, advocates for the interests of landlords, tenants and taxpayers to the federal governement....

And Mr. Ron Abraham is the 2012 President of the Ontario Real Estate Assocation Institute...

Article published in The Costco Connection May/June 2012