The Pros and Cons Of Renting Vs Buying A Home In Chilliwack BC

So after reading my Article on How To Buy A House you are still discussing whether renting vs buying a home is the best option for you.

I want to help you eliminate as much doubt as possible, so I have written this article specifically for those of you who are still debating which road you would like to take.

The Renting Vs Buying A Home Calculator

Before we get into all the little house buying tips I have to share with you, I highly recommend that you take a look at the Canadian Government's Renting VS Buying A Home Calculator.

It's a useful little tool, where you input many of your finances and it helps to give you an idea as to whether you should rent or buy a home.

When you go through the link, be sure to click on the little Tips tab to learn how to properly use the calculator.

The Pros and Cons of Renting

There are a few good things about renting a home that you might not have realized. The good things are:

• You have a smaller down payment.
• Maintenance costs and work are dramatically lower (Often your landlord is responsible for doing these types of things.
• You can't lose equity on a rented home (Although you can't gain it either).
• And last, you have a more fixed cost for the term of the lease. You won't find your rent changing all over the place.

Of course, some of the bad things are a bit more obvious, but still worth stating.

The bad things are:

• You can't gain equity, no matter what the housing market looks like.
• Very limited ability to make your living quarters personal and custom. (If you are the type of person who likes to renovate their homes, [I know I am!] then this will probably be a deal breaker for you.)
• Any tax breaks that happen, you will not get any extra cash (Your landlord will).

Basically the main thing you want to do is look at the cons. If there is something there that you could not live with, then maybe renting is not the option for you.

Read on to learn more about renting vs buying a home, and to see if buying a home is a more suitable option for you!

The Pros and Cons of Buying

In the debate of renting vs buying a home, the good things about owning your own home are:

• Eventually, as you pay your mortgage off, your monthly costs will decrease and your equity will go up!
• You can customize and build all you want! (Provided you have the right permits)
• If there is a tax break, you will experience a surplus of...money!

The bad things about owning your own home are:

• The monthly costs can vary, making it harder to budget.
• It's a risk as to whether your equity will go up, down, or be stuck in one place.
• You will most likely need to sell your house if you plan on moving (Although if that is your plan, you can always Hire Me as your Real Estate Agent and I can make the process go down smoothly and quickly.)
• Any maintenance or renovations gets done, or paid, by you.
• The Down payment will be higher in most cases.

Once again, take a look at the cons. Although there are more bad things about owning a house, the good things kind of balance it out in a way.

I think the most important advantage of owning your own home is that you now have equity that you can use when financing. So unless you are already blindingly rich, then this is an important "Pro" for you.

Whatever option you decide to choose, be sure to make sure that you can live with all the cons.

I guarantee that if you choose an option that you are even slightly uncomfortable with, you will regret it!

Let Me Guide You Through The Process

Of course, you still want to make a smart, well-informed decision. But you also want it done quickly.

A difficult task; but it doesn’t have to be!

If you hire me as your Real Estate Agent, I promise to help you find the home of your dreams while making an informed buying decision.

Learn more about why you should hire me as your Real Estate Agent.

My Promise To You I will always give my professional opinion, and help you make the most informed buying decision possible. I will return your calls and emails, and will always show up for appointments. I won't push you into something that you are not 100% comfortable and confident in. I will work diligently to help you sell, or buy your house at the absolute best deal possible. I am a Professional Real Estate Agent and you will receive my undivided attention. Cam Vanklei (604) 795-2955 Chilliwack BC, Canada HomeLife Glenayre Realty Ltd.

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