Buying vs. Renting Edmonton Real Estate
If you’re contemplating your options with regard to buying vs. renting Edmonton real estate, be sure to carefully consider all sides of the debate. Taking your financial situation into consideration should make your choices fairly straightforward.
Determine which is more economical, renting or buying, based on your
payments and accommodation information. If you require assistance, select the "? help" button.
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Determine which is more economical, renting or buying, based on your payments and accommodation information.
If you require assistance, select the "? help" button.
Reasons to Rent
When you rent a home, it means that you won’t be obligated to take care of any maintenance or major renovations in the house. Unless you, as a tenant, cause major damage, you are not responsible for the repairs. This means that you can be secure in knowing there won’t be any small or large expenses that arise with little or no warning.
Additionally, when you rent a home, you aren’t required to make a down payment, other than the first and last month’s rent. This is a better option for those who don’t have enough money saved up, or are unable to get approval for a mortgage.
Reasons Not to Rent
Just as there are many good reasons for renting, there are also reasons that you shouldn’t rent a house. To begin with, when you’re renting, you’re unable to make any major changes without receiving consent from the owner. This can be difficult for even small things, such as adding a backyard patio, or even painting your walls a different color.
You also have to consider that for any changes you make, you’re putting money and time into something that doesn’t offer long term results. By the time your lease is up, you won’t have anything to show for the money and effort you have put in, other than the memories collected during the time you spent in the home.
Reasons to Buy a House
The best reason to buy a house is so you’ll end up owning a large and valuable asset. When you own a house, you reduce the debt on the home every month when you pay your mortgage bill, until you reach a point when you own the house completely; unlike renting, when you are simply paying monthly without the return at the end.
You can also make changes to the home and do renovations when you wish, without needing the permission of the landlord, although larger renovations could require a permit from the city.
Additionally, when you own a house, it means that you can use the equity when needed for other large purchases on credit, such as a car or an investment property.
Reasons Not to Buy a House
If you’re lacking in financial security, or don’t have the funds needed for the down payment, you shouldn’t buy a house. In order to make a deposit on the entire amount owed on the home, you need to have a reliable income and money saved up.
When considering your options in terms of buying vs renting Edmonton real estate, make sure you honestly evaluate your financial situation, as it’s one of the most influential factors in your final decision.
If you're ready to buy a house, contact us for professional real estate advice. Our agents will be happy to answer all your questions!