Renting vs Buying in Vancouver
It is an age-old debate: is it better to buy or to rent in Vancouver?
It is a question that can be applied to many things, from cars to electronics, appliances, and in this case, homes. There are valid arguments on both sides, and each person’s needs will vary.
So, when it comes to renting versus buying in Vancouver, which is the right choice right for you?
When Should You Rent in Vancouver?
While you can always find exceptions, in most cases you will find renting to involve lower costs than buying. Typically, you will be paying the monthly rent and your utilities. This should leave you in a position where saving money is possible.
If you are putting aside or investing your savings each month, renting may be the option for you. This can allow for you to build up a decent nest egg or collect the funds necessary for a large purchase that you may be contemplating.
While this can be a great strategy for some, it also requires a bit of willpower. It is often true that the more money a person has, the more money they will spend. Being able to save money each month doesn’t help much when that money is spent on unnecessary expenses.
Renting may also be a viable option depending on your employment. If, for example, you tend to be away from home quite often, or if your job is such that you might be required to move in the near future or more than once in the next few years, then renting gives you greater flexibility and makes relocating potentially much easier. If it is your first time moving, you will find it easier to come up with your first and last month’s rent than you would a down payment.
So far, renting sounds like a good choice. And in many cases, it can be—but don’t judge just yet.
Is it Worth Buying a Home in Vancouver?
Just as there are times when renting looks appealing, there are times when buying should be on your mind. Some reasons may be related to lifestyle and others may be more tangible, but all are worth considering.
Owning your own home does come with more responsibility than renting. When something needs to be done, it falls on you to attend to it. This can be quite rewarding, however, especially if you are the handy sort who can do repairs and upgrades on your own.
If you are prepared for the responsibilities of home ownership, you will find it also comes with freedom and rewards. You may not be able to own pets in a rental and may be faced with other restrictions. As a homeowner, you are free to do as you choose, and decorate or renovate to your tastes.
You may also wish to purchase your home if you are ready to put down some roots and stay in one place. If you are not moving again for the foreseeable future, staying in one place may make it easier to start a family, become a part of the community, and build some memories. Owning your home will also typically allow you more privacy, which may be a major consideration for some.
Another clear advantage is that the money you pay each month goes toward something that is yours. Your home would typically be expected to increase in value over the years, allowing you to build equity. You will likely find in your senior years that you prefer living in a home that you now own, rather than continuing to pay each month for something that will never truly be yours.
Obviously, thought needs to be given to your own situation, but for some, the debate of renting vs buying in Vancouver comes down to whether you wish your home to truly be your own and what you can afford.