Buying vs. renting home in Kingston – which is better

If you’re moving to Kingston, you are probably asking yourself what’s better, buying or renting. Professional Movers Canada will give you some more insight on buying vs. renting home in Kingston and hopefully help you make the right decision. Both scenarios always have pros and cons, but comparing them will give you a better vision and help you decide which option suits you better. So let’s not waste time and get to it!

About Kingston

Kingston is Canada’s first capital. The city is located in Ontario, Canada, on the eastern end of Lake Ontario and at the beginning of the St. Lawrence River. This city is in the middle between Toronto and Montreal. The population, as of the 2021 census, is 132,485 (single-tier). Ontario’s oldest public market is located in Kingston. This city is also home to Canada’s hippest live music scene. Kingston is also the first city in Canada that adopted a protocol for sustainable energy procurement. Other than all this, if you’re moving to Kingston, you will be able to enjoy flawless Kingston moving services offered by skilled and professional movers.

A cool thing about Kingston is that it’s walkable and you can stay active while exploring the oldest city in Canada. While doing that, you will discover a lot of cool restaurant patios and antique markets. If you like history, you can visit one of Kingston’s many historic sites and museums. Some of the sites that you must see are:

• PumpHouse Museum
• Canada’s Penitentiary Museum
• Murney Tower National Historic Site
• Fort Henry National Historic Site
• MacLachlan Woodworking Museum

There are also plenty of fun activities happening in Kingston. Some of them are fall themed, such as Kingston Food Tours, Pumpkinferno at Fort Henry, Ghost and Mystery Trolley Tours, Kingston Penitentiary Tours, and Haunted Walks. 

Choosing between buying vs. renting home in Kingston

There is no precise answer to this question. It depends on many things and most of all, your desires and possibilities. Important factors when deciding on this are your financial situation, current economic circumstances, and what you’re looking for. Buying a home is much more of a serious investment than renting one, so you have to be 100% ready for that and everything it entails. Of course, you must advise a real estate professional that can explain this to you in detail. Kingston movers will offer you some advice based on their client’s experience. So, let’s see what you should know.

What are some costs you should keep in mind when thinking about buying vs. renting home in Kingston?

Being a homeowner brings a lot of responsivities that you may have not anticipated. There are a lot of costs and terms that come with being a homeowner that you are most likely not familiar with. One of them is your current debt level. This means you have to check if you have any student loans, a car loan, or credit card debt. This all affects your debt to income ratio. This is how much of your income is going towards paying off debt and how much stays in your bank. When thinking about buying vs. renting home in Kingston, monthly debt payments are the first thing you want to look at.

If you’re thinking about purchasing a house, think about a mortgage. A good thing to do before even looking for homes is prequalifying for a mortgage. This way you can see what price ranges match your earnings and financial possibilities, so you don’t waste time looking at houses you cannot afford. Local movers Kingston advise you to keep shopping around until you find the best option. Don’t forget the down payment. This usually ranges between 0% and 20%. Most of the time, a higher down payment means a lower interest rate which is good for you in the long run, as you’ll borrow less money, if you have to.

Buying vs. renting home in Kingston: Pros and Cons

If you’re talking to your family and friends about buying vs. renting home in Kingston, you already know the opinions are divided. That is because there are pros and cons for both. And it mostly depends on where you are in life and which option best suits your lifestyle. First, let’s see some pros of buying a house in Kingston:

• Building equity potential
• More freedom to relocate
• Possibility of the tax deduction for mortgage interest and property taxes
• You can refinance your mortgage to lower payments

Those all sound great, don’t they? Now, let’s see some cons of buying a house:

• Utilities as a separate expense
• Paying property taxes
• Paying home maintenance
• Not so easy to relocate

If you’re moving from a different part of Canada or a different country, long distance movers Kingston offers services that fit everyone. Both those who are moving into a home they just bought, or into their rental.

Pros and cons of renting a home in Kingston

Now, if you’re leaning more toward renting a home in Kingston, don’t worry, you’re safe. There are plenty of affordable and attractive neighborhoods in this city that offer a plethora of homes for rent. Most of these neighborhoods are located in convenient areas that are close to transportation, entertainment spots, and shopping outlets. However, let’s see what are some pros and cons of renting a home here. Pros would be:

• Some or all utilities may be included in rent
• No home maintenance
• No property taxes
• Easier to relocate

If you’re not looking for a long term solution regarding your housing, renting is much easier. Anyway, let’s see what some cons of renting in Kingston are:

• No equity in the property
• You have to abide by the terms of the lease
• There is no tax deduction for rent
• You have limited control over rent increases

There are some downsides to renting, of course. However, a big perk of renting a home in the city of Kingston is that you’ll most likely have access to additional amenities such as a gym, pool, or sports courts. Middle to upper scale residential communities most often offer these services and they are included in the rent.

If you’re moving from your home or apartment complex to a different one, local movers Kingston will happily assist you. Hopefully, you now have a better vision and can decide between buying vs. renting home in Kingston. We’re sure you’ll make the best decision that fits your needs and wishes.