You’ve probably heard people say it before: in this day and age, it makes little sense to buy a home, and it would be a far better option to rent one instead. Real estate experts left and right are saying it, claiming that people should just stick to renting and ignore the age-old advice to buy a home.
Though renting a home can definitely turn out to be the best decision for some, it doesn’t mean it’s the best decision for all. Likewise, buying itself isn’t fundamentally good or bad. Strong arguments exist both ways as any savvy Vancouver community centre real estate agent will tell you. For buying, here are the biggest reasons for doing so:
- The home will eventually be yours, and payment will end.
- The property can appreciate over time.
- Tax credits can offset the cost of homeownership.
- You can do what you want with your property.
Meanwhile these are the best benefits cited when you rent:
- You don’t have to worry about your property losing value.
- You’re not responsible for repairs and maintenance.
- It’ll be easier to move and relocate whenever you decide to.
- You can get access to certain amenities such as a gym or pool
All of these points are valid. However, they don’t account for the huge grey area that exists between the two options—grey areas that relate to you and your unique financial situation.
Neither option is inherently good or bad, despite what many Vancouver real estate headlines would have you believe. It all boils down to looking at your finances more closely, crunching some numbers, and speaking to a professional such as a financial advisor, accountant, or attorney, preferably one with background in real estate transactions.
To conclude, it’s utterly impossible to say that one is a better decision than the other because the benefits you glean from each decision will depend heavily on your unique situation. You have to consider where you want to live, the kind of property you’re looking for, how much you’re paying now, how much you’ll pay in the future, and so on and so forth.
Rest assured, no matter which decision you choose, agents of homes for sale near and around Vancouver community centre properties such as Real East Van can guide you through the process to ensure a smooth real estate transaction.
Renting Is Throwing Money Away” Is Completely False, Lifehacker.com
An MIT economist explains the 3 biggest reasons buying a home is better than renting, BusinessInsider.com