Renting vs buying a home

Renting vs. Buying a Home in West Calgary

A question that many future homeowners ask themselves is whether or not they should rent or buy a home. Both options provide benefits, depending on your what your needs are and where you are with your finances. If you still find yourself unsure of whether you should rent or buy your next home, here are the benefits of both:

Renting

  • Helps you save money. Renting is often seen as an affordable alternative to purchasing a home and for many reasons. For one, when you rent a home, you normally do not have to pay much in maintenance fees. This is because the actual owner of the home is the one who is financially responsible for any repairs that need to be made, such as central heating repairs. In addition, when you rent a home, you don’t have to worry about paying real estate or property taxes.
  • Suitable living option for people needing a short-term residence. Renting is a perfect option for those who may be looking for a home to live in for only a short amount of time. An example would be if you’re moving due to temporary job relocation or working on transitioning into a more permanent home.

Buying

  • Ability to make large changes to your home. A benefit many homeowners enjoy is the ability to make significant changes to their home. For example, you have the freedom to complete large renovations to your home that may require reconstruction, something you can’t do when you rent a home.
  • Can use your home to generate extra income. You can actually use your home as a source of income! Many homeowners decide to lease their home out to prospective renters in order to bring in additional income.
  • Fixed rates can help save money in the long run. While homeownership may seem that it’s more expensive than renting, you can actually save quite a bit over a longer period of time. For example, fixed mortgage rates allow homeowners to continually make consistent payments without having to worry about fluctuation as a result of interest or inflation rates.

While renting or buying a home provides benefits that many residents can take advantage of, the best option for you depends on your situation. However, regardless of if you decide to rent or buy, West Calgary has homes available for either option!