Edith  Da Costa

Edith Da Costa

Broker

Royal LePage Your Community Realty, Brokerage

Mobile:
647-403-1513
Email Me
Edith  Da Costa

Edith Da Costa

Broker

Royal LePage Your Community Realty, Brokerage

Mobile:
647-403-1513
Email Me

To Lease or Purchase? That is the question

The number one question almost everyone has in this changing market is should I lease or should I purchase? This can be one of the hardest things to decide on: if it’s smarter to hold out to buy, and lease in the meantime, or to buy and start building equity in a home right now. As the market shifts to longer closes and less frequent/ aggressive bidding wars, the decision really comes down to, what is best for you? Here are a few points to help you decide whether or not you should lease or purchase!

Lease: 

  • Great if you’re not able to maintain repairs etc. yourself (time, energy, and financial commitment) 
  • You don’t have a large lump sum but monthly payments are fine for you to maintain
  • You are thinking you’d want to test out living in a new area before making a long term commitment
  • You don’t need a ton of space necessarily right now, but are definitely ready to have a space of your own 
  • Or you want to downsize and declutter, maybe you want to travel in the near future and you’d prefer to not worry about maintaining a property while you’re gone

Purchase: 

  • You’re handy/able to do repairs yourself or have the means to hire others to do repairs for you (time, energy, and financial commitment) 
  • You have a large lump sum saved for a downpayment and closing costs
  • You need quite a bit of space/ land- maybe you love the outdoors, have lots of grown-up toys, or just have multiple people living with you that require more storage!
  • You know exactly where you want to live for the next X amount of years and are ready to make that commitment to an area (maybe your family is growing and you’re ready to put down roots)
  • You have had stable income for the last few years and have pre-qualified for a mortgage that matches homes in the area you’d like to live

All things considered, the market may be changing but these points for consideration stay the same! Whether you are looking to lease or purchase or you’re still not sure which category you fall into, I’m here to help. My 10 years of experience with both leasing and purchasing for many happy clients has me prepared for anything you might need.

5 Steps to Buying a Home: Tips on how to find and finance your dream home

 

 

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