Buying or Renting
In life we want the best for our family as we want it for ourselves, buying and renting is no exception.
Is buying a house really the better choice than renting or the other way round?
Which will you choose?
Down Payment
Buying:
The accustomed down payment for a house is 20% of the acquirement value.
Renting:
It is commonly know when renting a property requires a deposit equivalent to the first and last month’s rent.
Fixed Rate
Buying:
For as long as it takes to pay off the house, a fixed-rate mortgage lets homeowners know what exactly their monthly dues will be.
Renting:
Landlords can change the rate at the end of a leasing period when renting a property.
Taxes
Buying:
Property taxes on a home can be quite the headache.
Renting:
A renter does not have to deal paying property taxes separately.
Maintenance
Buying:
It’s your house so taking care of it when problems appear is your responsibility.
Renting:
Renters typically doesn’t deal with any problematic issues regarding the well-being of the house however they are obligated to report when something goes wrong to their landlord.
Flexibility
Buying:
You cannot easily part with a home. It may take months or even years to sell and by then you may be selling at a loss.
Renting:
Renters don’t have money bounded at their rented property so they have more flexibility of leaving a place at the end of a lease.
Everyone has the choice to buy or rent an Edmonton property it all depends on the circumstances of the person. Buying an Edmonton home is a long term investment which may take years for the effect to be felt but if you are thinking of settling down then buying is a great option but if you are on the move regularly then renting is the best for you.
Remember to follow Serge on Instagram @SergeBourgoin and get a first hand view on how he’s helping Edmonton homebuyers, sellers and investors.
For a complete list of available Edmonton homes for sale, check out the new Edmonton MLS listings.
