You know you’re in the market for a new home, but making the decision between buying and renting can be quite difficult, and is based on so many variable factors. Read on for some tips on luxury living in Toronto, buying vs renting.
Renting in Toronto
The decision to rent, especially today, is the more popular way for Millennials and Gen Y-ers. It is said that this demographic is the most well-educated to date, and with that they are savvy and extremely well-informed.
Often carrying around large post-secondary school debt, living in a time of precarious job security, and with a mindset of having wanderlust and discovering the world rather than settling down, often times this generation chooses to rent.
The flexibility and ease of renting are attractive for anyone – you can still have the amenities of a luxury condo or apartment, but without the responsibility and financial burden of a mortgage. Additionally, studies have shown that people nowadays are more conscious in their living choices and weigh things like neighbourhoods with an air of urban chic, the right living conditions, and gentrification quite heavily.
If this sounds like you, then choosing a luxury townhouse or condo in a chic and culturally satisfying neighbourhood could be your best bet. Once you feel as though your tastes have changed, you can move on to another place. The freedom, low responsibility and ability to change your mind are definitely attractive.
Forever is a term used more loosely nowadays, and we aren’t always sure of where we’ll end up. In that case, luxury living in Toronto can definitely come with a landlord and monthly payments as more and more buildings are catering to this very demographic and mindset.
Buying in Toronto
The downside to renting that some people are quick to point out is that your money isn’t working towards anything. If you are someone who would rather have something to show for your years of monthly payments, then buying is the right path for you.
Just as much as Millennials lead with the mindset of wanderlust, they are also quite conscious about the quality of their lives and aren’t totally satisfied with mediocrity. They like the good stuff and want a high quality of life. This comes with being smart about your money and ensuring you are spending it wisely.
In that case, home ownership is the best way to go. Many young people are making buying a luxury home their big spend, rather than traditionally, it being a fancy wedding. This trend is significantly increasing, and is a wise investment to make. Especially in a time where the housing market is so high, buying could make you a large return.
Despite the financial responsibility, renting out your place for when you are traveling is also becoming a big trend, giving people the best of both worlds. At the end of the day, you’ll have more responsibilities and a long-term commitment, but you will also be in good shape for the long run.
Are You Ready For Luxury Living?
Luxury living in Toronto comes with many questions and concerns, especially if buying vs renting is being debated. Taking a look at your lifestyle and financial situation is a great start. Contact us for more information.