Renting or buying a home? Which is a better choice? You may have heard different opinions on both options but there are times when renting come out as a winner and sometimes buying a home is a better option. A lot depends on your priorities as well. If you believe that buying a home is a better option than renting one, it is a good decision to make, given the unprecedented growth in the real estate sector of Canada. One of the reasons for buying a house is the equity-building opportunity. Moreover, home buying brings along with a sense of comfort and security.
If you are planning to invest in new home developments Kelowna, it is the best time to invest as the prices are slated to go up in the future. But if you favour the option of renting, it’s easy to say goodbye to the maintenance costs, property tax, interest payments, and closing costs all of which may add to become a significant amount.
Buy or rent: Consider the best option
Owning a home and becoming a landlord sounds great, especially for people who have been dealing with landlords and have been victims of eviction several times in the past. Although you have to continue paying the mortgage to own the house but owning it, in the end, gives real pleasure. Here is how buying a home is a plus.
One of the biggest reasons to invest in a house is the opportunity of owning the home. But an even bigger reason is that it is one of the safest investments to make keeping in mind the robust real estate market in Canada. As you go on making the mortgage payments, you also build equity to enjoy the freedom of borrowing when renovating the home, starting your new business, or paying for your kid’s education. Instead of paying rent to another landlord, you are investing in your security. Be sure to choose the right location and check the price points to build equity quickly.
Have you ever been in a rented space? Well, it will never fulfill you to satiety when giving your house a makeover. All you can consider is a window covering, applying a fresh coat of paint, or investing in some furniture. But, you do not usually make big renovations. Compared to renting a house, owning it provides you with the opportunity of installing customisations, whether it is within the living space, the floor, or the ceiling. Once you sign the sale agreement and move ahead with the purchase, it is your chance to pick the kitchen and bathroom cabinetry, choose the colours to paint the house, and do what you like to make it your own. As you put the final touches on your house in one of the preferred points of new home developments Kelowna BC, you are all set to move in.
When you move into a new home, it is a new neighbourhood to call your own. From coffee shops, eateries, schools, and groceries, you gradually become a part of a community and enjoy the pride of living with like-minded people. Surrounded by a community is another big aspect of owning a house instead of renting.
Wondering how paying maintenance for owning a home in west Kelowna new housing developments is a benefit? Well, it is. When you rent a house, the landlord is in charge of the repairs – moneywise. While it may come as a relief to many people, think about accepting what your landlord offers as the roofing material when the house has some serious roof leaks or a broken appliance being changed with another low-grade appliance that may break down again within a couple of months. It is not to project all landlords in the same light but choosing the appliance brand and the roofing material for your own house gives you relief. Moreover, new construction homes come with a warranty for a couple of years and provide coverage for breakdowns.
When buying a home, a fixed-rate mortgage is pretty much predictable, so you will know the amount you need to pay every month along with the insurance and the property taxes. As you build equity on the home, you have flexible finances to upgrade the property to your specifications. If you accelerate the mortgage payments, you may become the owner of a couple of more homes.
Renting and owning a home are both sides of the same coin. However, buying a house provides you with more befits down the line and lets you design a dream home where you can start your family and put down your roots. Are you interested to buy a home or get a commercial property on a lease? Emil Anderson Properties is the trusted name reflected in Fraser Valley and Kelowna when it comes to housing developments. They also arrange for commercial lease Kelowna for those who need it.