Buying vs Renting Calgary Real Estate

Posted by Justin Havre. on Monday, January 12th, 2015 at 9:11pm.

If you are weighing your options in terms of buying or renting Calgary properties you should carefully consider all aspects of the debate. Depending on your financial situation, your choices should be fairly straightforward.

Reasons to rent

Renting a home means that you will have no major renovations or maintenance to do in the house. You will not be held responsible for major damage unless you have caused it as a tenant. This means that you do not have to worry about large and small expenses arising with little or no warning that can personal financial distress. Also, you do not have to worry about making a down payment other than first and last month’s rent. This is better for people that have less money saved up or cannot get the approval for a mortgage.

Reasons not to rent

There are a lot of reasons that you should not rent a house. For starters, you cannot do any major changes to the premises without prior consent from the owner. This can be a hassle for even the smaller things like adding a backyard patio or even changing the color of your walls. You’ll also be paying into something with no long-term results. At the end of your lease you will have nothing to show for the thousands you have paid other than the memories accumulated over the time spent in the residence.

Reasons to Buy

The best reason to buy a house is you will actually end up owning something and will have a large asset that you can pass down to your children or other relatives. Unlike renting, when you pay your monthly mortgage bill you will actually be reducing your debt on the house until you hit a point when it is entirely yours. You can also make changes and do small renovations at your own pace without first getting permission from a landlord. Larger renovations may require a city permit. Owning a home means that you can use the equity when necessary to make other large purchases on credit such as an investment property or a car.

Reasons Not to Buy

If you do not have any financial security or the funds required to make a down payment you should not buy a house. You need to have a steady income and money saved up to make a deposit towards the total amount owed on the house. When looking at your options in regards to buying vs. renting a Calgary home you should take a good hard look at your financial situation since this is one of the most influencing factors that will lead you towards your final decision.

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