Edwin Lam 林玉德
Real Estate Associate Broker 地產代理
Buying and Selling Real Estate in Metro Vancouver, BC, Canada,
please let me help you, make your dream come true.
加拿大卑詩省, 溫哥華大都會 , 物業買賣 , 交托我手 , 實現你的夢!
(15) Own or rent – what makes more sense?
For any renters, owning a home is an important investment and lifestyle decision.
If you are considering whether you would be further ahead owning or renting, you are not alone. Start with careful analysis just like you would any other investment.
A good place to begin is by comparing renting and buying costs using the mortgage calculator.
Looking at just the numbers, as a short-term option, renting typically outpaces buying, because of buying costs, including transfer taxes, legal fees and Closing costs.
If you are in a situation that requires you to frequently move basis, renting can offer flexibility since you can pick up and go with just a month or two notice.
As a renter, you can expect to pay rent that increases at roughly the rate of inflation. This means your cost for accommodation never decreases. As a renter you can’t recover any portion of your monthly housing costs. Once paid, you rent is now in your landlord’s hands.
In contrast, when you buy a home, the equity, or the value of the home minus the debt owed, increases with each monthly mortgage payment made. This means that over time your equity grows until you own your home.
Over the long run, more and more of your monthly payments become recoverable since the payments are actually paying down the principal. A long term decision to own provides you with the opportunity to recover improvement and maintenance costs. For example, homeowners who maintain their home by ensuring it is in good repair or remodel will often see an increase in sales price when it comes time to sell.
Homeownership is a personal and sometimes emotional decision, but it can also be a profitable one. When making a choice whether rent or buy your home consider this rule of thumb: If you plan on living in your home long enough for price appreciation to cover buying and selling costs, owning is a better alternative to renting.
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