Buying a home is a big decision and can be extremely stressful, especially for those who don’t have much experience. Whether you are renting to have low commitment and the ability to move or you are buying to build equity and create a nest for your future eggs, most of us need help when it comes to buying a home. Vancouver is currently #2 on the list for unaffordable housing, which can be scary for first time home buyers or renters. Everyone has a different opinion on which is best, but we believe that answer depends on the individual person. In this article, we will go over the various pros and cons of buying and renting and reasons why either option may be right for you.
Buying A Home
The main pro to buying your own home is the ability to have ownership and say that it is completely yours. It’s also an investment – you may buy an older house for a lower price that you plan to “fix up” and raise the cost, in turn making a reasonable profit for yourself. People have made careers out of doing this based on trying it with their own home and seeing how successful it was. Your home has the opportunity to gain equity over time as well, which can really help build your family and set your future children up.
Owning a home means you have control of everything, including your level of privacy. You may choose to add some hedges or a fence if you feel inclined. When renting, much of the time you don’t have the freedom to execute big changes such as those. Buying truly allows you to be your own interior and exterior designer. One of the cons is that unfortunately, you are not able to move around as you please. Buying a home means a much bigger commitment so we believe it is a better option for families or serious partners.
Renting A Home
Renting is a very common thing to do especially when you’re looking to first move out. You can have a short term commitment, and still make it your own while you’re there. Many creators on social media have put out “renter friendly DIY” videos that go into detail about home improvement projects which are renter approved (meaning they won’t cause damage) and won’t leave a trace if you move out. One of the best parts about renting is that maintenance costs are not your problem! By law, your renter is required to fix any maintenance issues, which means you only really need to worry about daily upkeep in order to return the home in good condition.
The main con of renting is that a majority of people want their home to be theirs. Many times what can happen is that what you’re paying for rent goes towards paying off the mortgage of your renter. Those who have the option of either renting or buying, tend to rather pay their own mortgage than contribute to paying off someone else’s.
So, What Is The Best Option?
To wrap up this article, the decision to rent or buy truly comes from what your situation is – there is no better option. The best plan of action in our opinion is to research and arm yourself with knowledge before making any rash decisions. It’s important to ask yourself questions about what your needs are, what you truly want, and what is reasonable for you. Your situation can depend on a plethora of things: commitment level, the amount of time you have for maintenance upkeep, financial abilities, and more. If you’re looking for a trustworthy company to help you with a loan to buy or rent a home, check out Leap Financial – we approve loans up to $2,500,000 and have a reliable, low stress repayment process.