Renting vs. Buying: How to Choose the Right Move for You

by Tanner Washington

🏠 Renting vs. Buying: How to Choose the Right Move for You

Choosing between renting and buying is not about what is “better.” It is about what fits your life right now, and what keeps your finances steady.

In Saskatchewan, both options can be smart. The best choice depends on your plans, your budget, and how long you expect to stay put.

🧭 The Real Question You Are Trying to Answer

Instead of asking “Should I rent or buy,” ask this:

What choice gives me the most stability and the least stress for the next few years?

Here is a simple example.

Person A might rent because they may change jobs, move for school, or are not sure where they want to be long-term.
Person B might buy because they plan to stay for years, want more control over their home, and have savings ready.

Both people can be making the right decision.

📍 Start With Your Next 24 Months

The next two years matter more than people think.

Renting often works best if you expect any of these soon:

A job change
Moving cities
A growing household
A new relationship plan
A plan to travel or go back to school

Buying often works best if:

You want to stay in the same area for a while
You want a stable payment and stable home setup
You are ready to handle repairs and upkeep

If you might move in a year or two, renting can protect you from rushing into a home that does not fit.

💰 The Money Test: Can You Afford the Switch

A lot of people only look at a mortgage payment. That is not enough.

To buy, you usually need:

Upfront savings for a down payment
Closing costs
A cushion for moving, setup, and early surprises

Then you need a monthly payment that still leaves room for life.

A good sign you are stretching too far is when the house payment forces you to cut back on basics, like groceries, fuel, childcare, or savings.

That is what people mean when they say “house-poor.” It is not about the house. It is about the stress.

📌 Pro Tip: When you test your budget, try living on the “future home budget” for two or three months. Put the extra money into savings as a practice run. If that feels tight, the payment is probably too high.

⏳ Your Time Horizon: How Long You Plan to Stay

Buying usually makes more sense when you plan to stay longer.

Why?

Buying has big upfront costs
Selling has costs too
The market can change, even in steady areas

If you buy and then need to sell quickly, you might not build enough value to cover those costs.

Renting can be a strong choice if you want flexibility or if your plans are still changing.

🔍 Costs People Forget to Include

This is where most comparisons go wrong.

If you rent, remember:

Tenant insurance
Utilities not included in rent
Parking fees
Moving costs if you switch places

If you buy, remember:

Property taxes
Home insurance
Utilities and water
Maintenance and repairs
Condo fees, if it is a condo
Extra setup costs like lawn tools, blinds, or snow gear

Owning gives you control, but it also gives you responsibility. Renting can feel easier because many repairs are not your job.

🧮 A Simple Rent vs. Buy Calculator You Can Do on Paper

You do not need a fancy spreadsheet to start. You just need a fair comparison.

Step 1: Write Down One Year of Renting

Monthly rent × 12
Add renter costs you pay
Add moving costs if you expect to move

That is your “one year rent total.”

Step 2: Write Down One Year of Owning

Monthly mortgage payment × 12
Add property taxes for the year
Add home insurance for the year
Add a basic maintenance budget
Add condo fees if needed

That is your “one year own total.”

Step 3: Compare How Each Option Feels

Now ask:

Which total fits my budget better?
Which option gives me breathing room?
Which option matches my plans?

A quick sanity check is this: if owning costs much more each month and it would drain your savings, renting may be the safer move for now.

📝 Saskatchewan Notes That Can Affect Renters

If you rent in Saskatchewan, it is worth paying close attention to your lease and the rules around rent increases and notice.

The big lesson is simple:
Read the lease details before you sign, and keep a copy.

Look for:

How long the lease term is
What utilities are included
Parking details
Pet rules
How renewals work

📌 Pro Tip: Before you sign, ask for the monthly total in writing, including parking and any extra fees. It avoids surprises and makes it easier to compare places fairly.

✅ Decision Wrap-Up: Pick a Lane and Make It Work

If you decide to rent:

Use the flexibility on purpose
Build savings while your costs are more predictable
Keep your credit and paperwork strong, so buying stays an option later

If you decide to buy:

Keep an emergency fund, even after you buy
Do not stretch your payment to the limit
Choose a home that fits your life, not just a wish list

Renting can be a smart plan. Buying can be a smart plan. The best choice is the one that supports your goals without adding pressure.

🎉 Final Thoughts

Renting vs. buying is a personal decision, and the right answer depends on your timeline, your savings, and how stable you want your next few years to feel. If you get clear on your plans and compare the real monthly costs, the decision usually becomes much simpler.

If you are unsure how to compare payments, estimate extra costs, or pick a timeframe that makes sense for Saskatoon, I’d be happy to help.

📞 Call or text me at (639) 295-4696
📧 tanner@twrealestate.ca
🌐 twrealestate.ca

No matter which direction you choose, I can help you map out the next steps so you feel confident and in control.

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Tanner Washington

Agent | License ID: 51600

+1(639) 295-4696