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The-Mortgage-Gal

Should you buy or rent?

Should You Buy a Home or Keep on Renting?

Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.

Although buying a home almost always seems like a great idea, it is important to understand what home ownership involves.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

Here are some things to consider:

  • Financial Security - If housing prices rise, your home can provide you with some financial security due to capital appreciation.
  • Stability - Having a place of your own.
  • Financial Stress - Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
  • Maintenance -  Keeping your home in good shape requires time and money.
  • Responsibility - You alone are responsible for payments, repairs and maintenance.
  • Flexibility - You can decorate or renovate your home to meet your own family’s personal tastes and needs.

Now that you have an idea of what to expect, take out a notepad and list the advantages and disadvantages of renting or buying a home.

This list will help you weigh in the pros and cons of renting and buying and help you determine if home ownership is right for you. 



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About the Author

Laurie Baird is a Mortgage Broker with Verico Complete Mortgage Services. She has been in the mortgage business since 1991 and a broker since 1997. 

As a Mortgage Broker she is able to match her clients' needs with a lender who will provide them with competitive rates and products.

Laurie has a Bachelor of Education degree from UBC.

Contact Laurie at 250-862-1806 or visit:
http://www.okanaganmortgages.com

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog



The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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