A Financial Highway blogger compares two scenarios using the Toronto market as an example. Two similar condos are compared, one as a rental and one for sale. Playing out the numbers, renting costs much less monthly, but over the long term you come out ahead as a homeowner. Three things to keep in mind as you consider your options: cash flow, lifestyle and flexibility. Bottom line, if you plan to stay in your home for some time, it’s more beneficial to buy it. If your plans are more short-term, and your lifestyle choices are expensive, you’re better off renting.
Read full article here: Rent vs Buy
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.