21 Aug 2012

3 reasons to consider renting over buying for young couples

Young couples in Toronto may want to jump right into homeownership, but that might not be the best idea until their finances are set in stone. A recent article for MoneySense by Bruce Sellery described why renting may be best for young people who are moving in together.

•Potential costs: Young couples may believe that they will save money in the long run if they plan to buy now, however, that's not always the case. Renters need to worry about rent and utilities instead of all the other costs associated with buying such as property taxes, maintenance and interest payments on loans. Purchasing Toronto storage lockers may be more cost efficient.    

•Shorter commutes: Couples that rent an apartment, condo or home together may experience shorter commute times to work because they are able to be more flexible with their location. An easier commute to work can also help save money.

•Different lifestyles: While many couples don't want to think about it, there are several that move into together and realize things won't work out. Renting instead of buying will make a break up easier to manage.

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