How do I figure out rent vs buy calculations?

Post date: 2020-05-21 18:04:08

How do I figure out rent vs buy calculations? I own now.

My apartment is too small and has too many problems. I need to move to a larger space, preferably a house. I live in an extremely expensive city in Canada.

I need help figuring out the following scenarios:
Rent out my current apartment and rent something.
Rent out my current apartment furnished and rent something
Rent out my current apartment furnished and rent something
Sell my current apartment, invest at 1.5% fixed rate, rent something
Sell my current apartment and buy something

I need to stay in my current city so that I preserve doctors/medical and other supports from our city's health authority and other special supports.

I am finding these scenarios overwhelming:
Risk of getting taxed on rental income and losing various government benefits
Renting again sounds potentially terrifying and maybe we would get evicted
I could only afford the absolutely cheapest houses or townhouses for sale
Renting a house is expensive
Worried that rental income would be treated as income, even though I'm renting a home that costs more, and might affect stuff like support from my kids' other parent
I have a very small mortgage now and all the other options involve much higher amounts of money

I own a business and it appears I will be working from home.

I tried to talk to accountants about this before but it didn't seem to be within their knowledge of medical/government supports. I'm unsure why they couldn't figure it out, but maybe I went to the wrong people. It was a few years ago and I decided to stay where I am.

I'm not quire sure where to go to help figure out scenarios. Maybe I could do it myself if I knew what to include. Thanks.

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