There’s a question that has come to everyone’s mind when moving to Montreal. When the time comes to find a place, there is always this question: are you better off buying or renting a house?
It’s a bit like adding oil to the water when cooking pasta: there is no exact science. Some will tell you not add oil while some will maintain you HAVE to.
When looking for a house, it’s the same.
In order to tell you a bit more and to try to advise you, here are a few elements you might find useful.
It is easier to rent than to buy a place: less investment and more properties available; especially if you are still abroad. However, a relocation agency might help you find properties for sale in Montreal, while you are still in your home country.
You also have to know that the fees to buy a house often represent more than 10% of the value of the house. What means that, it is preferable to buy a house if you decide to stay in it at least five years.
Buying a house represents an investment; even if you spend more each month; you own something, it is not the case if you choose to rent. You also have to know that Montreal is a good place for investors as; houses are cheaper than in most big cities.
This calculator can be useful in order to evaluate the amount of money you will have to spend if you choose to buy a house:
For more information about living in Montreal, check out these helpful articles and links:
- 9 Things you might not know about Montreal
- Where to live when moving to Canada
- Cost of living in Montreal vs Toronto
- ARIANNE Relocation Guides for Montreal
Photo credit: Wikipedia