When deciding on a new home there are a lot factors to consider. Both renting and home buying have some advantages and disadvantages. While making a choice between the two, it is important for you to go through all the factors and decide what works best for you.
What To Consider Before Buying Or Renting
How Long Do You Plan To Live In Your Home
When you are buying a home, you need to make up your mind that it is for a long-term stay. Unlike apartments, you cannot change your home often. If you are not fully committed to a location then renting may be the better option for you as it leaves you the freedom to fall in love with an area and stay put or move on to another home if you feel a new location is more suitable.
Compare The Cost of Renting or Buying
Money is the biggest factor while making the decision to buy or rent. Before signing that contract, take a few hours and find out more about the money you have to pay every month. Home buying doesn’t just include monthly mortgage payments. You need to take HOA, property tax and maintenance fee into your consideration too. If you don’t like a long term commitment for investment, then renting is suitable for you.
Property Maintenance and Repairs
When you own a home, you need to take care of the maintenance. No maintenance is required if you are staying in an apartment. This one is a biggest advantage of renting.
Tax Advantages of Home Ownership
A mortgage loan can also save you a few bucks with better tax benefits. Homeowners can deduct their mortgage interest payments and property tax payments from their income tax. Eventually, it reduces the final cost of homeownership. This is one important advantage of home ownership
Unison Realty Group Ltd.
Calgary’s Choice for Property Management & Rentals
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Phone: (403) 219-3000
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