Rent Vs. Buy: 5 Steps To Making Your Decision
1. Decide How Long You Plan To Live In The Same Place
2. Estimate The Cost Of Renting Vs. Buying
3. Mobility Vs. Putting Down Roots: Which Is More Important To You?
4. Weigh The Risks Of Renting And Buying
5. Assess Your Financial Situation
Renting Vs. Buying A House: Pros And Cons
Renting Pros And Cons
Pros
- Freedom to move around
- Landlord pays for Strata Fee
- Do not require paying closing costs
- No fluctuation in monthly housing expenses
- Allows you to enjoy living in different areas
Cons
- Cannot build any equity
- Limited ability to renovate
- Rent could go up over time
- Landlord might sell or decide to stop renting
- Limited sense of home stability/permanence
Buying Pros And Cons
Pros
- Build equity wealth over time
- Home value increase over time
- Unlimited freedom to customize/renovate your living space
- Sense of home stability/permanence
Cons
- Closing costs can be expensive
- Responsibility for maintenance and repairs, which require time and effort
- Less flexibility to move
- Home value may decrease
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
Comments:
Post Your Comment: