September 19, 2012. It’s true that renting is going to cost more over the years but if we assume your rent increases with inflation, it will cost you about $50,000 to rent when you retire. Rent to Own Canada puts you in a place to be mortgage ready at the end of the term. The Best Retirement Plan for You. When we looked at it, we realized that if we went from the Gulf Coast to Southern Canada (respectively) we could be in for some climate shock and maybe a couple of years would be enough. ... Canada’s shrinking living room. One can have an opportunity to pay a monthly fee that will go towards rent and for a down payment too. My husband and I might do the same in retirement. Renting gives you more freedom to leave at any time, to travel if you like, and it frees up your home equity (assuming you have been a … But there is an alternative available and it is rent to own by owner program through which one can become an owner of a house. Published October 17, 2012 Updated October 17, 2012 . Darrow Kirkpatrick, 54, ran the numbers and decided that renting was a better option than buying when he downsized two years ago. Your rent is now an expense for a place to live, not a long-term investment that’ll go towards building equity. For those 55 to 64, however, it's another story. Rent to Owning a home will be more expensive in the short term but will create wealth in the long run. Renting vs. Rob Carrick Personal Finance Columnist. What about you? It doesn't just affect how much money you have left at the end of the month. The portion who own the place where they live has dropped to 76 percent, compared with 81 percent in 2006. Kirkpatrick, who retired as a … This is a short-cut route to own a … Read more about retirement home condominiums in Canada. Baby boomers are among the fastest growing group of renters. In Canada, you usually have to have a down payment of at least 5% to buy a house. Owning: An Overview . Whether to rent or buy the place where you live is a major decision. All together, in the year you retire, it’s going to cost you about $70,000 a year to hold on to your house including that $40,000 you could earn on the equity but forgo. Imagine how owning a house will change the future of your life, and give you freedom in retirement. For help figuring out which retirement plan is best for you and your financial future, talk to your Farm Bureau agent today. It does, however, free up funds to use in other ways. Indicate the amount of your current or projected monthly rent. TenantCloud, a property management software service, reports that nearly a third of … Rent. For some, renting means freedom; and for others, being a homeowner is the best investment. Why it’s best to rent, not own. Some in this age group switched to renting because they couldn't manage a mortgage anymore. Take our test and determine if it will be more profitable in the long run to own a house or rent an apartment. 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