How to decide if you should rent or buy
SHOULD I RENT OR BUY?
Renting is a huge business in the greater Toronto area. If you currently rent, you know that paying out those hundreds of dollars every month to line the pockets of your landlord is not a pleasant task. However, like most renters you probably feel stuck in a home that isn’t even yours simply because you can’t save up that down payment for your own home.
This article contains explains whether you should rent or buy. It shows you how you can stop paying rent and start contributing to your own financial future, rather than that of your landlord. By having some valuable information about the real estate industry, as well as some tips and tricks about property ownership, you’ll be able to start on the road from renting to owning. After reading this article, my goal is that you will learn the following:
1. Save for a down payment for your property
2. Make best use of your financial institution, and other loan sources
3. Consider reversing the rental roles
Repairs after closing – who is liable?
Home sellers and home buyers who make purchase agreements with each other are generally bound by their contracts’ terms. Many real estate purchase agreements contain language detailing just what repairs home sellers are responsible for completing before home sales close. Also, homebuyers sometimes have home inspectors or contractors check out the homes they’re buying to ensure completeness of any agreed-upon repairs. As for repairs after closing, the seller’s liability is complicated. It may or may not exist.
Many buyers insert repair clauses into the real estate purchase agreements they and their home sellers sign. Home sellers are generally liable for completing repairs they’ve agreed to make listed in the real estate purchase contracts they’ve executed with buyers. However, home buyers sometimes waive home repair inspection requirements after seller repairs are made, thus possibly ending seller liability for such repairs. But legal action could be possible if a home seller falsely assures a homebuyer that agreed-upon repairs have been completed.
Home sellers are required to give truthful information about home defects they know or should have known about. Home sellers can never deliberately withhold from potential buyers knowledge about their homes’ condition that could later pose problems, such as lead paint or termites.