Why Rent When You Can Own?

At Phelps we know that we’re not just building homes… we’re opening doors and building dreams. 

We often meet people who have been renting for a while and are ready to move into home ownership. We also see buyers who are looking to downsize and they’re thinking about renting vs owning during retirement.

The goal for most people in this position is to keep their monthly costs reasonable while they enjoy their lifestyle.

Whether you rent or buy, it’s best to evaluate what suits your lifestyle and what you’re ready for financially... and emotionally.

With home and rental prices in the GTA out of reach for some buyers, in Niagara, we see more affordable properties for both resale and new construction. 

In 2018 HGTV.ca included the Niagara Region as "Another Ontario housing market that's a good option for an investment property."  https://www.hgtv.ca/real-estate/photos/where-to-buy-a-house-in-canada-2018-1911935/#currentSlide=11 This holds true today as Niagara continues to grow while we see a low vacancy of rental properties offered here. This makes owning an investment property a viable proposition as well as a service to the community of people looking to rent out this way.

Renting is a great option for people who have a more mobile lifestyle – travelling, changing jobs or moving to a new region – renting offers flexibility for your personal circumstances, location and income.

Renting is also a great option if you don’t have a down payment saved up. However, a major downside of renting is you’re potentially letting the landlord profit from your hard-earned money.

Owning a home tends to give you more stability in location and monthly expenses. It’s your home, to live in and love and personalize, BUT it’s also yours to maintain. 

In Phelps communities, care-free living is a standard, so you don't have to worry about cutting grass or shoveling your driveway while you're on vacation, at work or simply enjoying your home on the weekend.

The key benefit of owning any home is the long term investment. With the average residential sale price at $468,487 (as of March 2019, niagararealtor.ca) we continue to see affordable homes for buyers and profit for owners.

At Phelps, we offer home buyers a flexible deposit structure and lower deposit amounts. You'll see all of our master planned communities are in desirable areas of Niagara, that make renting or owning here an easy decision.

Visit PhelpsHomes.com to see our current communities and pricing.