Conventional wisdom suggests it’s a no-brainer – buying real estate is a worthwhile investment with a high return.
Despite record low interest rates, the sky high prices and carrying costs are causing many to rethink the allure of home ownership.
When you factor in the costs of repair, maintenance and other expenses associated with owning a home, Toronto-based financial planner Shannon Simmons argues that renting and putting saved money into another investment – such as a stock portfolio – could earn more in the long run.
Simmons gives new clients a questionnaire asking where they see themselves in 10 years. Many answer “buying a house.”
“Then we meet in person, and they say, ‘Oh I don’t really care if I buy a house, but shouldn’t I want to?’”
Based on advice from financial planners—both independent and those employed by banks—Global News has compiled a list of questions (and some context) to help you decide whether buying or renting is the right move for you.
Full article here: https://globalnews.ca/news/985258/to-rent-or-to-buy-8-questions-canadians-should-ask-before-taking-the-plunge/