IT is more advantageous and worthwhile to own instead of rent property. Those renting all their lives only have to look back through the years and sigh: “With that amount I have spent on rents, I could have bought me a place to stay for life.”
Why? Because over time, the value of property appreciates, and equity in the property increases as monthly mortgage payments gradually reduce the principal amount of the mortgage.
On the other hand, those who rent pay a set monthly amount to the owner for use of the space. Instead of building their own equity in the rented property, they are helping the apartment building owner build equity.
On the other hand, there just might be a pro to renting: the renter remains worry-free as far as mortgage payments, maintenance costs, taxes, assessments, and fluctuating interest rates are concerned.
The privilege of peacefully enjoying the rented premises at a set monthly rate may be more advantageous to some than tying themselves to often considerable and unpredictable financial obligations, said Dan Barnabic in his contributed article to The Globe and Mail.
“It all comes down to a matter of principal and affordability. While most people buy property to build equity or wealth, others choose to build their wealth by saving or investing in business opportunities other than real estate,” he further said.
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