5 Reasons Why Buying May Be Better Than Renting
Renting verses buying is a big decision as there are many factors when deciding whether it is a good time to buy or not. Typically, people often rent for many different reasons including:
- Some renters are afraid they may not qualify for a home.
- There is the convenience of knowing that everything is taken care of for you.
- There is a perception that often rent is “cheaper” than a mortgage payment.
Here at TruHome we believe there are many benefits to buying an Edmonton home.
Here are 5 reasons to consider:
It is important to understand your options when it comes to buying a home and beginning the home search process. Here are some key reasons to consider buying verses renting:
Building wealth and securing your future. When renting you’re ultimately the one who is paying your landlords mortgage. This may not be all that appealing. Wouldn’t it be better to use your money to invest in your home? Doesn’t building your own equity make more sense?
Build funds for your retirement. The money that you invest in your home can help build funds for your retirement. Your home helps secure your future. It is never a bad investment whether you choose to live in your home until you are ready to retire or upgrade to something bigger as your family grows. Owning a home helps you be more financially prepared.
Owning provides more stability. With a fixed 5 year mortgage you will know exactly what you are paying each month. Unlike renting where you have very little control over rent increases. Enjoy peace of mind by knowing that your mortgage will stay the same over a set period of time.
Establish roots in a community. Unlike homeowners, renters are more mobile, making it harder to establish roots in a specific community. Building relationships within a neighbourhood would be considered essential for most families. Being a part of a community and knowing your neighbours provides a true sense of “home.”
Be seen as financially responsible. Did you know that homeowners are viewed as being more financially responsible than renters. Building a stronger credit history has many benefits including lower interest rates, willingness of banks to lend larger amounts of money and various other perks.
At TruHome we strive to help you find that perfect home whether it be a house with that big beautiful yard or a condo where there is little to no maintenance involved. Either way, our Tru Home Team is here to provide you with the best options that work for you.
Need more information or would you like to chat about whether renting or owning is better for you, let us know.
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