Renting Versus Buying

Posted by Elizabeth Chi on Thursday, July 6th, 2017 at 4:18pm.

Renting Versus Buying

When it comes to Fort St John properties, as with many other areas, the question often arises as to whether it is better to rent or to buy.

The pros and cons of each option, renting and buying, will vary based on your particular situation, which is why one answer doesn’t fit for everyone. There are many different aspects involved, from the level of commitment you are willing to make to the financial costs associated with each. Purchasing a home is one of the largest financial decisions you will make throughout your life, so it is important to consider all of your options before you make any final decisions.

When you purchase a home, you are making a long-term financial commitment to purchase and maintain the home. Though, this commitment does come with the benefits of increased privacy, return on investment, stability, and freedom. Owning a home allows you to comfortably plan for the future.

When you rent a home, you are spending nearly the same amount on rent that you would be spending on a mortgage. This money is going to pay off someone else’s mortgage rather than to building equity for yourself. And unlike a fixed mortgage, your rent will most likely increase on a yearly basis, putting it above what a mortgage payment would be, very quickly.

There are greater upfront costs associated with owning a home, which can make purchasing a home more difficult than renting for some, but we have mortgage partners who can work with you to get you the best financing options for lower down payments.

What it all comes down to is a personal decision based on your situation and what you are ready for. If you like the shorter term of the commitment required with a rental and you don’t think the other options available will work for you right now, then keep renting!

However, if you are ready to commit to the benefits of owning your own home, give me a call today! I would love to help you find your dream home in one of the amazing Fort St John properties that are currently on the market!

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