There are many renters debating whether they should renew the lease on their home or sign a contract to purchase their first home. Renters need to understand, you are paying a mortgage - just not yours, but your landlords.
First time home buyers soon begin to understand owning a home is an investment, the monthly mortgage payments go towards growing your own equity in your home, not the landlords. While you make those payments (depending on your local real estate market and any improvements you make on the home) the appreciation of your home steadily climbs. In the Fraser Valley, Lower Mainland and Greater Vancouver areas last year alone we seen 39% increases in some areas! (Pretty hard to get that kind of return if you put your money elsewhere!) Most homes increase in value over time, giving you a large profit on your home purchase when you are ready to sell.
Some costs are lower when you rent, such as initial payments and overall insurance payments. However, the monthly payments you make won't see a return on investment and aren't going towards building equity.
Furthermore, when you rent you don’t have control over the home. If you want to nail something into the wall or put a grill on your patio, you have to ask the landlord first. Some rental homes don’t allow pets either.
Buying is typically the better investment, it’s important however to get pre-approved first before looking to assess your financial needs to analyze of how much you can afford and whether or not buying a home makes sense. Talk to your mortgage broker or financial institute first, then browse our many Lower Mainland and Greater Vancouver & Fraser Valley area listings,
BEGIN YOUR SEARCH here One of our may professional agents will be happy to help you in your first time buyer home search in the Greater Vancouver, Fraser Valley or anywhere throughout the Lower Mainland! Happy house hunting!
Published & contributed by Author Donna Fuller
First time home buyers soon begin to understand owning a home is an investment, the monthly mortgage payments go towards growing your own equity in your home, not the landlords. While you make those payments (depending on your local real estate market and any improvements you make on the home) the appreciation of your home steadily climbs. In the Fraser Valley, Lower Mainland and Greater Vancouver areas last year alone we seen 39% increases in some areas! (Pretty hard to get that kind of return if you put your money elsewhere!) Most homes increase in value over time, giving you a large profit on your home purchase when you are ready to sell.
Some costs are lower when you rent, such as initial payments and overall insurance payments. However, the monthly payments you make won't see a return on investment and aren't going towards building equity.
Furthermore, when you rent you don’t have control over the home. If you want to nail something into the wall or put a grill on your patio, you have to ask the landlord first. Some rental homes don’t allow pets either.
Buying is typically the better investment, it’s important however to get pre-approved first before looking to assess your financial needs to analyze of how much you can afford and whether or not buying a home makes sense. Talk to your mortgage broker or financial institute first, then browse our many Lower Mainland and Greater Vancouver & Fraser Valley area listings,
BEGIN YOUR SEARCH here One of our may professional agents will be happy to help you in your first time buyer home search in the Greater Vancouver, Fraser Valley or anywhere throughout the Lower Mainland! Happy house hunting!
Published & contributed by Author Donna Fuller