First Time Home Buyers Series: Buying vs. Renting

There are a number of benefits associated with owning your own home:

1. Long Term Investment—Historically, housing prices have typically risen over time, meaning most homeowners watch their home appreciate in value and potentially make an even greater return on their investment once they decide to sell their property. Similarly, with every mortgage payment, you’re helping to pay off your principal while building equity in your own home.
2. Additional Income—homeowners also have the option of developing a secondary suite (sometimes known as an in-law suite, garden suite or legal basement suite) on their property. The benefits of a secondary suite include helping you qualify for your mortgage and using this income to pay down your mortgage principal faster than you would have had you lived in your space alone.
3. Pride of Ownership—Home ownership has become one of society’s key trademarks of adulthood. For first time home buyers entering the market, owning your own home brings a sense of maturity, responsibility and satisfaction. You have the freedom to personalize your space and truly make it your own—even renovate and upgrade whenever you—no need to want seek permission from a landlord or property manager.
4. Stability—Landlords and property managers have the ability to dramatically raise your rent or even evict tenants on short-term notice. Owning your own home means you never have to worry about the stability of your situation.

Alternatively, there are a number of benefits associated with renting:

1. Flexibility—Renting provides individuals with the flexibility and freedom of additional disposable income to invest, travel or save. If current circumstances in your life are uncertain or you are experiencing changes in aspirations, relationships or careers, renting provides the flexibility and freedom to pivot in ways that can be more complicated with a mortgage and home ownership.
2. Maintenance-Free—With renting, your landlord or property manager has the responsibility of maintenance and upkeep, freeing up your time (and wallet) for other things.
3. Fixed Expenses and Lower Cost—Renting can sometimes be a more affordable short-term option than owning your own home when you factor in all costs such as mortgage payments, property taxes, insurance, utilities, closing costs and maintenance expenses.

The key to remember is that there is no one-size-fits-all solution when it comes to renting or buying.

If you are still unsure about whether you should rent or buy, click here to speak with a member of our Sales Team who can help you make the right decision.

Regardless of your situation, Cantiro offers affordable ownership and rental options catered to your unique lifestyle and needs. We can find the perfect Cantiro Home for you and your family or provide you with exciting rental options, including our up-and-coming CX project in Downtown Edmonton.