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Is it better to own or rent a home?

Owning a home may is often a lifelong goal for renters. But in these times of rapidly rising home prices, should renters still see home ownership as the best option? Should they wait until the market slows? For help in calculating the pros and cons, contact us! Contact us

There are significant advantages to owning your own home, even if it's a postage-sized bachelor suite or you buy you start by buying your home with friends and family. You have to start somewhere.

Consider these facts

Renters pay rent that increases at the rate of inflation. This means the cost of renting does not decrease. Rent can never be recovered. Rent once paid, is gone.
Home owners constantly build equity each time they make a mortgage payment. Even with a small down payment and a large mortgage loan each time a payment is made some of it goes to the principal. Over time homeowners pay less because mortgage payments and inflation decrease the amount of principal owning.

Did you know?

A detached home in the Vancouver area bought for $57,763 in 1975, is now worth an astounding $542,500 – an increase of more than 800 per cent!

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For more information on this article or how we can help you with your real estate needs, contact your Royal Pacific REALTOR® at 604-266-8989 or use our online form for 24/7 service Contact us

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