This is a question that many Calgarians will ask themselves at some point in their lives. There are those who choose to rent and often wonder if they're simply wasting money and paying someone else's mortgage, or if they're saving more money in the long run for their future, not having or carrying the responsibilities of home ownership.
It's clear there are many benefits to both situations for people who find themselves in varying situations, the Real Estate Partners thought it would be helpful to explore some factors that would affect your decision of whether you should buy or rent.
Four factors to consider whether you should purchase or rent in Calgary.
1. Job Stability - Your employment situation can have a large impact on your decision of purchasing vs renting, even in dual income situations it doesn't always result in the same decision. Do you have stability with your job, do you have roots within your community, are you looking to stay within your current position for the foreseeable future? If the answer to these questions are yes, home ownership is probably the best option for you.
2. Down Payment - Do you have money saved up for a down payment? More importantly, have you spoken with a mortgage expert to really understand your position to purchase and how much you can afford / how much down payment is necessary in your situation.
3. Time of life - Where are you presently in your stage of life? If you have a family home ownership provides stability and predictability, it also provides more freedom, creativity, and flexibility in making your property your own.
4. Market Conditions - What are the current prices of the Calgary Real Estate market? Are they affordable? Have housing prices dipped, having Calgary housing prices jumped to unrealistic highs? These factors can really impact your buying power.
Benefits to Calgary Home Ownership.
1. Quality of life - Owning a Calgary home can provide a major sense of stability and maneuvering that renters often won't experience.
2. Creativity and freedom - It's your home! Do what you'd like! Many homeowners will complete renovation projects that not only increase their quality of life and bolstering their living spaces, but Calgary home owners can also experience an increase in their homes worth through these changes.
3. Finances - The money you put into your home and onto your mortgage creates equity! This means every monthly payment you make puts equity into your pocket!
How the Real Estate Partners at Re/max First can help?
We're very experienced professionals who can offer guidance and advice for clients who are considering purchasing a home vs renting. We also have a comprehensive guide that can provide clients with a clear understanding of the costs associated with owning a home, what to expect, mortgage details, and much more. The Real Estate Partners are dedicated to not only providing world class service for our clients, but also information and systems that give them advantages as buyers and sellers, loading them with expert knowledge.