Renting vs. Buying: Pros and Cons

When it comes to housing, one of the biggest questions people face is whether to rent or buy. Both options come with their own pros and cons, and the right choice often depends on your financial situation, lifestyle, and long-term goals. It used to be that monthly rent was lower than a mortgage payment, that is not really the case anymore, depending on how much of a down payment you have and the price of the home you are buying.

It is also important to note that the rent your landlord charges does include their costs, mortgage, property taxes, and if applicable, condo or association fees. If done correctly, it will also include their insurance and a percentage for ongoing maintenance and risk, usually around 5%.

Typically, you are responsible for all utilities, water, hydro, gas, and of course internet, tv, home phone. You are also required to have insurance. There are instances, for the most part, with condos, that some of these could be included, however, not internet, tv, phone, and your insurance. 

That said, this is a personal choice for each person and their unique situation.  

Pros of Renting

• Flexibility: Renting gives you more freedom to move. If you’re not sure how long you’ll be living where you are, renting might be the better option.

• Lower upfront costs: Renters don’t have to worry about a down payment, closing costs, or other expenses tied to purchasing a home. In a range of 1.5% to 4% of the price of the home. included are land transfer tax, legal fees, home inspection fees, appraisal fees, and title costs. First-time homebuyers may be eligible for rebates, such as the First-Time Home Buyers' Tax Credit and Land Transfer Tax rebates, which can help offset these expenses. 

• No maintenance responsibilities: Repairs and upkeep are typically the landlord’s responsibility. Note that landscaping and snow removal could be the renters responsibility, under specific agreements.

• Predictable payments: Rent is usually fixed for the length of the lease, making it easier to budget.

Cons of Renting

• Less stability: A landlord may decide not to renew your lease or could increase rent when your lease ends. (There are rules and procedures to follow. There are limits to the increase allowed and landlords cannot have you leave, except for specific circumstances, for example, they are moving back in, they are selling and the new owner is moving in.) I strongly suggest reading the Landlord Tenant Act!

• No equity building: Your rent payments don’t go toward ownership; they’re simply an expense.

• Limited control: You can’t always customize or renovate your rental to suit your preferences.

Pros of Buying

• Equity building: Every mortgage payment helps you build ownership in your home, which can grow your wealth over time.

• Stability: You don’t have to worry about moving because a landlord wants to sell or increase the rent.

• Creative freedom: You can renovate, decorate, and make the space truly yours.

• Potential appreciation: Ottawa real estate has historically increased in value over the long term, which can benefit homeowners when it comes time to sell.

• Financial advantage: Unlike renting, your payments contribute to an asset you own. Over time, as your mortgage balance decreases and your home’s value increases, you build equity that strengthens your financial position. Homeowners can also borrow against their equity if needed — an option renters don’t have.

Cons of Buying

• Upfront costs: You’ll need a down payment, closing costs, and other fees when purchasing a home.

• Ongoing responsibilities: Maintenance, repairs, and property management all fall on you.

• Market risk: Home values can fluctuate, and go down as well as up, depending on the market, just like the stock market and unless you are selling, over time, this is less of an issue.

In closing, it is a very personal decision, and for some like it was for my mother, owning is not an option. Times have changed, the salary to purchase price ratio has made it tougher to buy a first home. If you are willing to go the route that my friends, colleagues, family and I had to do, buy a starter home, and work up to your dream home, there are options that I am happy to discuss with you.

Click HERE if you have questions or would like to discuss your options. 

You’ve submitted an offer on a home—maybe even your forever home. One of the most important conditions of your offer is the home inspection. If this is your first time buying, the process might feel new and overwhelming. Even if you’ve been through it before, consider this a helpful refresher.

Let’s walk through the role of a home inspector, the inspection process, and why it’s such a valuable step in your purchase.

🕵️ The Role of Your Home Inspector

As a certified home inspector, my job is to carefully examine the property and identify any current or potential issues as per a set standards of practice. I provide a detailed report so you and your Realtor can make informed decisions about next steps.

Here’s what you can expect:
• ⏱ A typical detached home inspection takes about 3 hours, though larger homes may take longer.
• 📑 You’ll receive a full written report—usually within 24 hours—including photos and clear explanations.
• 🤝 We’ll review the findings together so you leave with a solid understanding of the home’s condition.

💡 Extra Peace of Mind: Every inspection also comes with a warranty. This provides added protection beyond the inspection itself, so you can move forward with more confidence. 👉 Click the link for full details. Warranty.

❓ Why Have a Home Inspection?

Here are the Top 5 Reasons every buyer should consider:

1. 🕵️‍♂️ Uncover Hidden Issues – Problems like leaks, faulty wiring, or foundation cracks often go unseen during showings.

2. 💰 Save Money Long-Term – Catching issues early can prevent expensive surprises down the road.

3. 🤝 Negotiating Power – Use the results to renegotiate price or request repairs before closing.

4. 🧘 Peace of Mind – Knowing the home’s true condition gives you confidence in your purchase.

5. 📅 Future Planning – Even non-urgent issues give you a roadmap for future maintenance.

🔍 What Gets Inspected

During an inspection, I examine five key areas:

1. 🏠 Roof & Exterior – Shingles, flashing, gutters, siding, grading.

2. 🧱 Structure & Foundation – Stability, settling, cracks, moisture concerns.

3. 🚰 Plumbing – Pipes, drains, water pressure, hot water tank.

4. 💡 Electrical Systems – Wiring, panels, outlets, overall safety.

5. ❄️🔥 Heating, Cooling & Ventilation – Furnace, AC, ductwork, efficiency.

⚠️ Note: Only safe and accessible areas are inspected—anything unsafe, hidden, or blocked can’t be evaluated.

📋 The Process Step by Step

Here’s how a typical inspection flows:

• 🌳 Exterior First – We start outside, working around the home. I use a drone to safely inspect the roof, shingles, vents, chimney, and flashing. Windows, doors, siding, bricks, and the garage (including openers) are also checked.

• 🏠 Interior Check – Inside, we’ll go through each level, inspecting doors, windows, outlets, smoke detectors, plumbing, and evidence of leaks.

• 🪜 Attic & Insulation – I’ll look for leaks, ventilation issues, and confirm insulation levels.

• 🌡 Thermal Imaging – Used as needed to help reveal hidden issues behind walls.

• 💬 Review & Tips – I explain everything in plain language, offer helpful maintenance advice, and answer your questions throughout.

🎯 My goal? For you to feel confident and knowledgeable about the home when we’re done. And if you think of questions later, I’m always available to clarify.

💰 Investment

• Condo inspections start at $425 + HST
• Freehold inspections start at $525 + HST
• 📑 Written report within 24 hours (with photos + clear explanations)
• 🤝 In-person review of findings so you leave with confidence

💡 Extra Peace of Mind: Every inspection comes with a warranty.  

🏘 Home Inspections for Sellers, Too

Inspections aren’t just for buyers—they’re just as valuable for sellers. A pre-listing inspection gives you the chance to:

• 🛠 Address repairs before hitting the market.
• 💵 Price the home realistically if you can’t fix certain issues.
• 🚫 Prevent surprises during negotiations.
• 🧘 Provide buyers with peace of mind up front.

I’ve partnered with Steve for over 5 years, and when you list with him, a pre-inspection can be part of your selling strategy. It’s a proactive step that sets you apart in today’s market.

✅ Bottom Line

Whether you’re buying or selling, a home inspection is one of the smartest investments you can make. It protects your wallet 💵, safety 🛡, and peace of mind 🧘.

Thank you Ken for this great information. To learn more about Ken and Dragonfly Home Inspections, click here