Renting vs. Buying
Renting and buying both have advantages and disadvantages.
In some cities, buying a home may not be feasible. However, in a town like Lethbridge, with a lower average cost per home, a required down payment of 5% and interest rate of 3%, your mortgage payments could be pretty similar to what you’re paying in rent, only difference would be that the equity is going to you!
Advantages to buying:
- You are paying your own mortgage, not your landlords. You will be building equity in your property
- You create stability for yourself, by creating roots and having a secure place to live in the long-term
- If you want to paint your living room, tear down a wall, or do any desired maintenance, you have the freedom to do it!
- You can have pets in your home without any hassle
- You are welcome to enjoy company without restrictions on hours, or noise levels
- Saving money. Every time you pay your mortgage, your home equity is increased
- You can have roommates to help pay your mortgage, or even rent the property out as a source of income
Advantages to Renting
- If you are looking for short term living arrangements, this is the way to go
- Lower monthly and upfront costs
- Protection from decrease in property values
- Your landlord is responsible for any major repairs or expenses to to the property
- Payment of property taxes and insurance are the responsibility of the landlord (though, you will still want to get insurance on your own belongings)