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Renting vs. Owning your own home

Contact Corinne Beaulieu at corinne.beaulieu@westoba.com or call 1-877-937-8622 ext. 8062

Paying for rent is tiring and owning your first home is a rite of passage…but is it right for you? Before choosing whether to rent or own a house, you need to be aware of the expenses and restrictions associated with both options.

To help you choose which living situation would work best for you, take a look at our chart below comparing both options.

RentingOwning a house
•Ability to continue saving for a down payment.•Build equity.
•Not responsible for maintenance costs.•Responsible for all maintenance and repairs costs.
•Low likelihood of being able to customize paint colours, flooring etc.•Ability to customize home to your style.
•Easier to pick up and move with no strings attached.•Much more difficult to pick up and move.
•Landlord could ask you to move out.•No restrictions on pets (potential city or RM restrictions may apply).
•Could have restrictions on pets.•Potential to be your own landlord and have an income suite.
•Potential for noise depending on the type of rental.•Tax free gains (value of your home goes up, therefore increases the equity).
•A pillar for retirement. – once ready, you can sell your home for a decent retirement nest egg.

Pro Tip: Holding off on buying a home and continuing to rent can help you build up a healthy down payment that will get you out of debt faster!

Rent or Own Comparison

The following chart demonstrates a comparison between renting vs. owning your home.

After 5 years you will have accumulated $65,826.42 equity in your home and your mortgage payments will be $8,278 less than your rental payments over the same time period.

Data used to determine accumulated equity:

 

 

 

 

 

 

 

 

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