Renting till I Own

architectural curb appeal

Friends have already taken the leap. But up until recently I’ve had very little desire to purchase my own home. What’s so scary about home ownership? (1) First you’ve got more than just your mortgage to think about. When you rent, that’s all you do. Pay your rent at the end of every month and you’re good. There are no condo fees or maintenance fees to consider, no property taxes, no special assessment looming it’s ugly head. If the roof needs fixing, it’s really not my problem since there’s a landlord and a superintendent to take care of it. (2) There’s no big drawn out commitment when you’re renting. Sure most tenants sign a yearly lease, but it’s a far cry from a mortgage. You certainly don’t need a real estate lawyer or a home inspector to sign a lease. Plus leases are easy enough to get out of. (3) A typical apartment  – in Toronto, anyway – is bigger than a condo. Much more spacious.

lots of sunlight

dream kitchen

But don’t get me wrong – renting isn’t that glorious. It definitely has it’s downsides and recently I’ve started wondering if I should finally take the plunge into owning a cozy little place of my own. Perks? (1) There would be a certain amount of pride, I think, in owning a home and knowing that you accomplished this huge life goal. (2) I’m not one for fancy amenities like a pool or 24 hour gym, but to have a rooftop terrace or private balcony, is definitely something I’ve started craving that I don’t currently have. (3) I like the idea of being able to customize my own home. No more horrid counter tops! I could finally have a dream kitchen with enough counter space to house my blender and my Kitchen Aid mixer. (4) Plus an en-suite laundry room versus four flights of stairs to do one load of wash. Where do I sign?  Read renting: the good, the bad and the ugly over on Made by Girl to hear more of my rant on renting.

In addition to the financial perks and obligations, there’s a lot to consider when deciding whether to renting or buy.  But the main consideration for me is to live my life at my own pace and not to bite off more than I can chew. I really like being confident and comfortable in what I’m doing and a part of that is managing my lifestyle really well. I’ve started doing my research and I’ve set out a firm 5 year plan for myself. If I am still happy in love and secure in 5, 10, 15 years – it would all have been worth it.
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