Buying VS Renting – Here Are Your Options
Before you set out to purchase a home it is important for you to know if buying is the best option for you. Below are some points to consider when making your decision.
Freedom From Rent Increases
With a fixed-rate mortgage like most homeowners have, your payments of principal and interest remain the same for the entire term of your mortgage. You no longer need to worry about increasing rents that will continue to escalate.
Building Equity for the Future
Rental payments are gone once you have made them. That money is never seen again. But, with each mortgage payment you are buying something tangible, making an investment and building equity in your home. The longer you own your home typically the larger the equity.
Keeping Up With Inflation
Owning your home helps you keep up with inflation. Real estate has historically kept pace with and usually appreciates faster than the rate of inflation. This makes owning a home one of the very best financial investments that you can make.
Security For Retirement
Eventually your mortgage will be paid leaving you living rent-free for your retirement.
Pay Back On Improvements
A renter gets no benefit from any of the improvements that they make on the property. As a homeowner you can realize some or even all the cost of the improvements that you have made when you sell your home.
Availability of Rental Accomodations
Vacancy rates are extremely low in the South Okanagan often making high quality rental accommodations difficult to secure.
When living in a neighbourhood that is filled with homeowners like yourself you will find that they too care about and have invested in their property. They, like you are willing to invest time, money and effort into the care of their property, which ultimately improves the value of your own.
It Will Be Yours
When owning your home there are no more restrictions that renters must face. You can paint the walls any colour, hammer nails into any wall and make any improvements or renovations that you would like to enhance your lifestyle.