Why you should buy instead of rent

By
Real Estate Agent with Century 21 Fusion

As lending rules have tightened up in Canada over the last year, we've seen an increase in the number of days on market for lower, entry level homes. I attest this to the fact that younger people are continuing to rent instead of doing everything in their power to save up and purchase their first home. There are a number of reasons that owning a house is far superior to renting.

1. You are building equity - if you could have a nicer home for the same price you are renting for PLUS be able to sell that asset for more than what you paid for it in the future, would you?

2. Ability to re-invest in your home. Upgrades to your kitchen, basement, bathrooms, yard, flooring, etc. will all bring a return to you in the future.

3. Pride - let's be honest, it feels a lot nicer to be able to say you own a home than you rent a home.

4. Control over finances - barring any major unexpected expenses showing up out of the blue, the cost of your home is pretty consistent. When you're renting, there's the potential that they jack up the price of your rent or terminate you as a tenant all together.

5. Freedom - when you own your own home there are no longer rules you must abide to (within reason) like being quiet (again, WITHIN REASON! You still have neighbours) and no pets. You don't have shared laundry, you don't have a shared backyard. You have the complete freedom to do as you wish with your own home. 

If I was a young adult just out of University who was beginning my career, I would be pinching pennies left, right and center doing everything I could to save every last dollar to put towards the purchase of a home. To all you young people, I promise that it's worth it.

Search all houses for sale in Saskatoon with the most extensive MLS tools and find your next home today. It's time to build equity and establish your life in a home you can call your own.

Susan Zwarych

Century 21 Fusion

Saskatoon, SK, Canada

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Scott Fogleman 03/18/2013 07:04 PM
Topic:
Home Buying
Location:
Saskatchewan West Central Saskatoon
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Rainmaker
156,254
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Susan, right now in my market area, it is cheaper to purchase than to rent.  I am guessing that that may be the case in many markets, as well.

Mar 18, 2013 05:37 PM #1
Rainmaker
3,752,974
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Susan,

In Austin..rents are escalating as well as prices for homes but with interest rates still historically low it really makes sense to own.

Mar 18, 2013 06:59 PM #2
Rainmaker
635,649
Scott Fogleman
New Home Team 804-573-9592 - Richmond, VA
New Home Team

Susan- You are so right.. You gain so much by purchaising..

Mar 18, 2013 07:02 PM #3
Rainer
16,508
Cory Haverland
Triangle Realty Solutions - Raleigh, NC

Carolyn & Susan, I know that in our market in the Triangle area of NC, rental prices have continued to rise, while with the low-interest rates many people's mortgages are much lower than rental properties in the same area.  It truly is much cheaper to buy.  I think many young people are hesitant to purchase because in today's job market hardly anyone stays in one place for more than a few years and they are worried about being able to get their money back out of the home in that short of a turn around, as our market is just starting to show appreciation in home values again.  I agree though that there are so many benefits to home ownership that are really important culturally; as you said, there is a great sense of pride and accomplishment provided by home ownership.  I just wish that our schools taught young kids and students in the universities more about budgeting, saving, and their credit scores so that buying would be a feasible option for them!

Mar 18, 2013 07:57 PM #4
Ambassador
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Where I live, it's often cheaper to buy than to rent. We are seeing a lot of first time home buyers taking advantage of this opportunity. Prices are down and interest rates are lower than they've ever been.

Mar 18, 2013 11:00 PM #6
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Susan, I believe in buying over renting but sometimes the situation just isn't right. At least teh bure/renter should explore the possibilities.

 

Mar 19, 2013 12:05 PM #7
Rainer
31,107
Susan Zwarych
Century 21 Fusion - Saskatoon, SK

Buying is not ALWAYS the best course of action, but in my opinion it USUALLY is. :)

Mar 20, 2013 01:46 AM #8
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Susan Zwarych

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