Hey it’s me Alex Wickham. Are you looking for a wicked home?
To rent? To buy? Or are you simply planning to continue mooching off your parents?
Let’s talk about the pros and cons.
1. When Renting, you can have lower upfront costs. However, your rent could increase year after year, and if you need anything fixed you may need to pester the landlord. All this to pay someone else’s mortgage.
As a home owner, you’re responsible for all ongoing costs including mortgage, insurance, property tax and repairs and maintenance. But, you’re building equity in a safe and secure investment. Especially in Ottawa, where we have a historically stable real estate market.
As a moocher, you pay your dues by doing the dishwasher. Or you damn well should be! It’s the least you can do. No gains on investments though by doing the dishwasher.
2. As a renter, you’re typically making a short term commitment, making it easier to move when the desire arises. However, there’s a possibility that the landlord might want to move back in.
As an owner, it isn’t as easy to just get up and move. Depending on the market when you suddenly decide you want to live with the lost tribe of Sentinelese people on an island in the Indian Ocean *image of Australian missionary, eye roll*, it could take some time to sell your home. On the other hand, owning your home gives you stability and peace of mind knowing that you have control over your investment. You could even be the landlord, and serve notice to your tenants when you inevitably need to come home from an arrow to the knee.
As a moocher, I’m sure they’ll be thrilled when you finally announce that you’ll be moving out, since you haven’t been doing the dish washer like they asked.
I hope this helped you make your decision on whether to buyer, rent, or mooch. But we really only touched on a few differences.
To discuss in more detail, and if you’re looking for a Wicked home, call Wickham.