Is Renting A Home In Calgary Better Than Owning It
on Tuesday, January 23rd, 2018 at 2:37am.
Whether you are buying or renting a house, considering all Calgary home listings should be your first step. There are several Calgary houses listed over the web. Deciding whether to buy or rent is where you get stuck. Both options provide you with some unique features along with some cons. Knowing the pros and cons will eventually help you decide what to opt for. Here are some pros and cons of buying and renting to help you decide whether you should buy or rent a house.
BUYING PROS AND CONS
1. No risk of being displaced by the landlord.
2. Pride of ownership brings a sense of stability.
3. Increase in house price will give you a great opportunity to resale at a higher value.
4. A great option to invest money for long-term benefits.
5. Paying interest on loan and property tax results in tax deductions.
6. Helps build a good credit score.
7. Owned house acts as an asset to get money from lenders.
8. Can use your property for renting purpose.
9. You are free to renovate and make new changes.
10. Buying a house provides complete privacy.
11. Freedom to have pets.
1. Long-term investment of money.
2. Needs a down payment.
3. You need to pay a mortgage or monthly installments, if on loan.
4. Buying brings in daily work like maintenance and repairs.
5. Risk of deduction or no increment in home value.
6. Permanent ownership does not give you the freedom to move as and when you want.
RENTING PROS AND CONS
1. Short-term commitments.
2. Renting gives you the flexibility to relocate on completion of the lease.
3. No need of investing a huge sum of money.
4. Saved money can be used for different investment options.
5. No need to pay any taxes.
6. Some renting options cover various utility costs.
7. Owner handles all maintenance and repairs needed if it’s mentioned in the lease agreement.
1. Monthly payment of rent.
2. The yearly increase in the rent of the house.
3. No saving options.
4. No benefits on property tax deductions while filing tax returns.
5. There is no build-up of home equity.
6. May not have the freedom to keep pets.
Buying or renting is a crucial decision to make. While both of them have their own set of benefits, both have some drawbacks too. Choosing which option to go for solely depends on your needs, budget and preferences. While ownership brings in a lot of responsibilities, it provides you stability too. When it comes to renting, you have the freedom to go for the type of house you want and move from there after the contract is over. The bottom line is, the decision is based completely on the type of life you want.
Buying or renting is a financial and an emotional decision to make. All Calgary home listings are providing best housing options for you to select from. Still confused? Hiring an agent will work as a guide for buyers and renters. For more information on buying or renting a house in Calgary, get in touch with the best real estate agency.