It’s a question that most Canadians will ask themselves at one point or another in their lifetime: should you buy or rent a home? Those who take the rental route often wonder if they’re wasting money. Meanwhile, those who buy may wonder whether or not their investment will be worth it in the long run.
Though it’s clear that home ownership offers many benefits, the decision to buy or rent is a personal one that should be based on several factors.
MARKET CONDITIONS: What is the price of real estate in your market? It’s important to understand how local factors may affect prices before you decide to whether buy or rent.
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.
LIFE STAGE: 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.
DOWN PAYMENT: Do you have enough money saved up for an adequate down payment?
FINANCIAL INVESTMENT: Your monthly mortgage payment creates equity for you, not your landlord.
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.
FREEDOM: 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.
How RE/MAX can help
RE/MAX Agents are experienced professionals who can help you out if you’ve decided that home ownership is the next step for you. Their expertise can help you find the house most suitable for your needs. We’ve also created a guide to help explain all of the costs that are encountered during home ownership.