20 Jul Should you rent, or should you buy?

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.

4 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 before you decide to buy or rent.

2) Job Stability – Do you have a stable job and roots within your community? If your plan is to continue living in your community for the foreseeable future, home ownership may be the best 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?

3 Benefits of home ownership

1) Financial investment – Your monthly mortgage payment creates equity for you, not your landlord.

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.