I started a fun conversation on Twitter this morning via this article. Granted, the US and Canadian housing situations are not identical. But as this is a topic that I sometimes think about, and because I like to challenge the perceived assumption that buying is always the best option, I want this convo to keep going!
So what are your thoughts? What are the pros/cons of owning or renting? What factors have influenced your decisions in this area?
Here is my initial list (subject to change):
Pro – mine!
Pro –control to renovate/improve
Pro – fixed monthly cost
Pro – hopeful financial asset over the longterm
Pro – perceived permanency
Con – down payment required
Con – impetus is on me for renovations/maintenance
Con – taxes /fees/other "hidden costs" of owning
Con – high emotional attachment may hinder my willingness to move in the future
Con - affordability in urban areas
Pro – lower immediate costs
Pro – renos/maintenance not my responsibility (cost or time)
Pro – lower emotional attachment
Pro – flexibility for changing location in the future
Pro -- more available/affordable in urban areas
Con – cannot ensure permanency
Con – no opportunity for financial benefit when moving
Con – less freedom in renovations/maintenance
Major factors in my decision making:
a. Lack of down payment/income restrictions.
b. Desire to have more open heart towards moving/fight tendencies to cling to things I "own."
d. My life/urban living values. (This could be an entire additional post. And may become one.)
e. I am not convinced that owning a house is the best/only way to prepare financially for the future.
Please share your thoughts! Conversations are only interesting if I'm not the only one talking.