Buying vs. Renting in The Calgary Housing Market

Buying vs. Renting a Home

Owning a home in the Calgary housing market is something many people aim to accomplish. After working to complete an education and beginning a career, renting for a few years is standard, but home ownership is always the goal. Purchasing a home is one of the largest purchases and investments an individual will make. Buying a house or condo takes planning, and working with the professionals such as an experienced realtor and your financial institute will help make it a reality.

Why not continue to rent instead of buying a place to live? You may have figured that one out yourself. Renting helps you to know the type of home you want and the area of the city you want to live in, but are you tired of:

  • Having no control over the look of your home? Being unable to paint the walls or change the flooring?
  • Rent increasing with no benefit to you?
  • Your rental cost not contributing to a financial asset?

Control over your own living space is one of the motivating factors of buying instead of renting. Renting is a good start, but not the finish line many have in mind.

Home ownership gives us the privacy and control to live how we want to live. Our own style, colours, and improvements that increase the value of our home. Home ownership allows the freedom to make any renovations we want without having the landlord okay it first. No one needs to visit your home to approve of how you are living.

“ Buying a house or condo takes planning, and working with the professionals such as an experienced realtor and your financial institution will help make it a reality.”

The financial aspect of purchasing a home means you are paying yourself. The price the home was purchased for does not mean that is the selling price after years have passed. After paying your mortgage and keeping your home maintained and looked after, you will have built equity and increased the value of your home. When it comes time to have to sell your home, you have greater value to put into a new property. At some point, the house will be owned in full which is great security to have for retirement.

Owning your own home means:

  • Greater control over your living space
  • Privacy from a landlord wanting to visit
  • Equity - value in your pocket

Often forgotten is that having an asset such as a home also improves your financial (credit) report. Should you need to borrow money for any reason, financial institutes like to secure against assets.

You can leverage your property into an income earning asset as well. After checking your community bylaws, you could offset costs of living by adding a rental suite to your home. This is a great method for paying down your mortgage.

When your work with THE PHIL LEPAGE TEAM, they will help you secure the home which best suits your needs in an area of the city you desire. Knowledge of the Calgary housing market, what to watch for when buying a home, negotiating pricing on your behalf and answers to any pressing questions along the way are amongst the many benefits you will receive when working with THE PHIL LEPAGE TEAM.

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