5 Advantages of Buying a Home vs. Renting a Home
- Building Equity – As you pay down your mortgage, you build equity as long as your home maintains it’s value (which is pretty much always a safe bet when buying real estate in the Vancouver area).
- No Surprising Increases in Payments – If you have a fixed-rate mortgage, you know what you will be paying for the duration of the loan. When renting, your rent can be increased by a certain percentage by your landlord. This also enables you to budget more efficiently as well.
- Home Ownership Can Be an Investment – Even if you choose not to live in the home you buy, you can rent it out to generate income. You can also choose to sell it whenever you want, which is especially beneficial if you need to relocate. In most cases when renting, you sign a lease and can be held responsible to pay rent for the duration of you lease even if you need to move.
- You Can Decorate and Renovate as You Please – If you own it, you can create the space of your choice, whether it be in terms of wall colors, flooring, appliances etc.
- You’ll Feel Accomplished – Owning a home is something that the majority of people strive for and want. Bringing the dreams of home ownership to life is a huge goal to achieve and a meaningful life milestone!Have these reasons gave you that last push that you needed to decide to purchase a home? If so, it’s time to contact the best Vancouver mortgage brokers at Ronin Mortgage for the lowest mortgage rates in the city! Check out the current mortgage rates in BC.