FINDING A PLACE TO LIVE (Renting vs Buying)

undefined. June. 2024. FINDING A PLACE TO LIVE (Renting vs Buying).

Introduction Finding a Place to Live: Owning a Home vs Renting Today, we'll delve into the age-old debate of homeownership versus renting. We'll explore the advantages and disadvantages of each option and provide insights into the key factors you should consider when making this significant decision..

[Audio] At the beginning of my research I was almost positive that my standpoint would be that same as everyone's and that is owning a home over renting one is the best way to go. I found a youtube video that changed my perspective this youtube video is called -I Will Teach You To Be Rich. (2023 November 16). Why I don’t own a house as a Multi-Millionaire. Not just one youtube video plenty that also weights the pros and con of renting and also read a few articles regarding this..

Pro of owning a House. Building equity: Owning a home allows you to build equity and wealth over time. Stability and security: It provides a sense of stability and security, offering a permanent residence for you and your family. Freedom to personalize: You have the freedom to personalize and make modifications to the property according to your preferences. Tax benefits: There are potential tax benefits such as deductions on mortgage interest. Sense of pride: Homeownership brings a sense of pride and accomplishment..

[Audio] Cons of owning a house – Monthly mortgage payments that you cannot afford to miss as it messes with your credit and hinders the interest rates when you renew. There no flexibility of relocating like to a different province or community quickly. You will have to consider selling before relocating or renting te property out. The market either its buyers market of sellers market and resale values are unpredictable. Down payment is high depending on the province you live. I KNOW In Alberta only 5 percent is expected for a first time home buyer..

[Audio] Renting offers flexibility to move to different locations without the commitment of homeownership. Lower initial costs involve lower initial costs than buying a home including no down payment and lower monthly expenses. Advantages/ Cons of Renting: You have limited responsibility for maintenance and repairs often handled by the landlord. There's potential access to amenities and services in rental communities. Renting allows you to test different neighbourhoods and living arrangements before committing Flexibility: Renting offers flexibility to move to different locations without the commitment of homeownership. Lower initial costs involve lower initial costs than buying a home including no down payment and lower monthly expenses. You have limited responsibility for maintenance and repairs often handled by the landlord. There's potential access to amenities and services in rental communities. Renting allows you to test different neighbourhoods and living arrangements before committing..

[Audio] Disadvantages of renting You cannot personalize your home. You are not building equity when paying for someone else's property. You have zero to no control over landlords decisions. Everyone has different views and the place they live should be personal to then and that wont happen when the property is rented.

[Audio] It is important to remember that if you plan on buying a house you will need to be financially ready. Consider market condition and value in the area you live. Access your risk tolerance and commitment to having a owned property.

[Audio] We've discussed the pros and cons of owning a home versus renting highlighting the complexities of each option. It's crucial to evaluate individual circumstances and priorities when making a housing decision. Further research can help a person find the best fit for their housing needs. My personal journey is a testament to this. Initially I was all for buying a home but in the current economy my perspective has shifted. This change has been professionally beneficial as it has revealed that my previous stance was based on a lack of information and insufficient research. I had simply adopted the popular belief that buying a home was superior to renting one..

[Audio] Click on the following link to view videos.