Buying vs. renting a property. What’s better?
Buying vs. renting a property. What’s better?
January 20, 2017 by Cassidy

 

New REALTORS® need to know the answer

As a REALTOR® this is a question we deal with frequently and as you embark on your new career you will want to know what to say. At our Metro Vancouver Properties group of eight RE/MAX franchises we provide our newer associates the training you need to professionally guide buyers and sellers to decisions that are best for their circumstances.

It is blogs such as this one that you will be encouraged to use. Your RE/MAX membership also comes with a free website where you can  benefit from the significant SEO provided by your tie to remax.ca.

Here is the question:

Do I rent or buy now?

It’s a question that most Canadians will ask themselves at one point or another in their lifetime. Those who choose to rent often wonder if they’re wasting money. Those who buy may wonder whether or not their investment will be worth it in the long run.

Though it’s clear home ownership offers many benefits, the decision to buy or rent is a personal choice that should be based on several factors.

Four factors to consider

1. Market conditions

What is the price of real estate in your local market? It’s important to understand the market conditions and how they may affect prices. In the long run ownership pays off.

2. Job stability

Do you have a stable income and roots within your community? If your plan is to continue living in your community for the foreseeable future, home ownership may be the option for you.

3. Time of life

What stage of life are you in? If you have a family, home ownership can provide a stable living situation without some of the uncertainties that are associated with renting.

4. Down payment

Do you have enough money saved up for an adequate down payment? Know what your government offers as help if you are a first time buyer in BC. Currently there is a $37,500 interest free loan available.

Three benefits of home ownership

1. Financial investment

Your monthly mortgage payment creates equity for you, your rent does not.

2. Quality of life

Owning a home can provide a sense of stability and control that you don’t often get from renting. There is a great feeling about coming home to a place that you own.

3. Do what you want

When you own your own home, there’s no need to get approval before you paint a wall or hang a piece of art. You can choose what minor and major renovations you make to the place you live in.

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