Why Consider Buying Over Renting?

To rent or to buy?  That is the question, and it can be an overwhelming one when considering buying a home for the first time.  A good real estate agent and a knowledgeable and trusted mortgage broker will be a huge help during this time. There are many benefits to home ownership, but there are some things to consider as you take this step. The decision to rent or own is based on lifestyle and needs. For example, do you want to put down roots in a certain neighbourhood, or do you want to have the freedom to relocate often?

RENTING offers flexibility for someone who may move around a lot, and the opportunity to have someone else take care of repairs and maintenance. There is less stability, however, as there may be unpredictable increases in rent, or a landlord may ask you to move.

BUYING offers a sense of stability and belonging. You gain an asset that stays with the family for a long time. There is more freedom as any design, renovations, or landscaping changes are up to you. There is, however, more responsibility. You are now responsible for all the repairs, maintenance, and replacements.

What Should I Keep in Mind When Buying?

How Can I Make the Process as Smooth as possible?

• Take the time to make informed, not impulsive, decisions by researching the mortgage process, ideal neighbourhoods, and your budget before you begin your home search.
• If possible, purchase a home in a buyer's market. This is when prices are low and availability is high. When there's little demand, buyers can often get a lower-priced home. 
• With a home purchase you are on the path to long-term financial growth.  You will start building equity (the portion of the property that you actually “own” which grows over time as you pay off your loan) which is an asset.
• Find a trusted real estate agent who is accessible, has your best interests in mind and can make your journey toward homeownership as easy as possible.

Ready to Buy? Contact Us to Get Approved for a Mortgage

Sources

• https://4rent.ca/Transitioning-from-renting-to-buying-698/tenanttip/
  
• https://www.apartmenttherapy.com/time-it-right-here-s-what-the-transition-from-renting-to-owning-a-home-looks-like-and-costs-246935
  
• https://www.atlanticbay.com/knowledge-center/homeownership/what-to-expect-when-transitioning-from-renting-to-buying/