Rent vs Buy …
Which Is The Winning Choice?
To Buy or Rent – That is The Question!
The number one reason many people choose to rent vs buy their own home is their fear of signing their name to a long-term mortgage agreement. But let’s face it – very few of us can go through life without paying for our place of residence in one form or another.
In that sense, you’ve already made a commitment to a fixed schedule of payments for housing — whether it’s in the form of a mortgage or a rental lease.
In actual fact, one of the major advantages of a mortgage agreement is that it usually covers a longer time-period—which can work in your favour.
Since no one can guarantee what your rental payments may be two or even five years down the road, your mortgage agreement actually protects you from the annual increases you can expect when you rent.
Still, some people are intimidated by the large amount of debt that is represented by a mortgage agreement.
Yet if you added up all the rental payments you could expect to pay over an extended period of time, you may find that going the mortgage route is actually the more affordable of the two options.
With today’s lower mortgage rates, and creative financing options, the cost of carrying a home may be lower than what you might expect. A real estate professional can show you how owning your own home can be more affordable than you ever imagined.
Rent vs Buy While making mortgage payments may actually be more affordable than paying rental costs, let’s not lose sight of the biggest financial benefit of buying a home.
The simple fact of the matter is, when you rent, you’re slowly but surely building someone else’s ownership equity in the property where you live.
On the other hand, when you buy a home, a portion of your mortgage payment is building personal equity for you. If you decide to sell sometime in the future, that equity is something you’ll take with you as you make your next move.
Lastly, let’s not forget the creative freedom and pride of ownership that comes with owning your own property.
When you buy, you decide the extent of home improvements, and decor changes you want to make.
You decide colour schemes, and where and how you’ll hang that favourite picture.
Maybe best of all, you earn the equity benefits that improvements add to your home. Spending money to improve a rental property just puts value in someone else’s pocket.
rent vs buy text You now have the answer to your “rent vs buy” question and must be tired of paying off someone else’s home for them.
Talk to a real estate professional for a consultation and find out how to make your dream of home ownership a reality.