Owning vs renting? Which one makes the most sense for you?
Firstly, everyones situation is different. As a Realtor of course I strongly believe in owning. However, I also see the flip side and will agree not everyone should own or for that matter deserves to own. I want to talk about the pros and cons and offer you some advice on what you should do depending on your situation.
For most, owning a home is the dream. It’s part of the plan growing up and it’s what we are told by our friends and family that we must do. However, it’s not the only reason you should be considering ownership. If you look at historical prices in Vancouver, Real estate has always appreciated over time. Sure there are dips and down years but time shows that if you hold on to that asset, it will appreciate over time.
There are times though, when renting makes more sense. If you don’t have enough money to put a down payment down or mortgage payments will put you in over your head then of course it makes more sense to rent. If you’re uncertain of your future and not sure where you’ll be in the next 2-3 years then again renting might make morse sense. However, if you are planning and know where you’re going to be 5 years down the road or longer then owning makes sense. Within that time you should safely see an increase in your asset even after all the fees involved in selling. There are chances you could make money after a year, but for precautionary reasons I always like to say give it at least 5 years and i’m sure you’ll be up.
For some, and I know for me as well, I just can’t cope with paying thousands of dollars a month to help someone else pay their mortgage. At least when you own when you go to sell your house down the road you’ll get all your money back.
It really just comes down to everyones personal situation. Most times it just makes more sense in the long run to own.