Blog

Buy or Rent?

First, have a good understanding of where you stand financially today.
That means finding out whether there’s enough money for a down payment — a minimum of five per cent of the home’s purchase price. It’s also important to look at what other debts you owe and how stable your employment is.
And the down payment is just one cost to consider. Potential home buyers should set aside another 1.5 to three per cent of the purchase price to take care of closing costs.

Once the papers have been signed and the property is yours, it’s not just the mortgage payments that you have to worry about after that.

Can you afford property taxes, condo fees, heat, electricity and repairs?

When you own a home, you can’t call the landlord. Guess what? You’re the landlord.

You have to create a cushion in your monthly budget to provide for these additional costs.

At the end of the day, if you continue renting, you’re building someone else’s future.

Sometimes it does make sense to rent if you’re moving around frequently for work or if the money simply isn’t there.

I would say, yes definitely it would make sense to rent, but always with the plan to build toward home ownership.

Long term renting to me does not make any sense if you can build towards owning something. So build up your down payment and buy a property that suits you best. When you are ready or if you have any questions, call me at 604-551-4129.



Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.