To Rent or To Buy? That is the Question.
As a Guelph real estate agent, we are frequently asked whether it is best to rent or buy. This is not surprising given the importance of the decision between renting and buying.
Even though every client’s situation is different and there are different pros and cons for every situation, we believe that buying is usually the best option, especially in the current Guelph real estate market.
Making the decision to purchase a home doesn’t mean you need to purchase the biggest, most expensive home on the market. If you are considering purchasing a home for the first time, but you are afraid to make the leap into home ownership, you can always start with something smaller. There are currently numerous apartments, townhomes and condos available for purchase in the Guelph area.
If you are worried that home ownership is too expensive when compared to renting, that’s not necessarily true. Huffington Post recently did a study on the cost of purchasing a home in comparison with renting, and the results might surprise you!
The study was designed to show the difference between a monthly mortgage payment and a monthly rent payment in nine major Canadian cities. In four of the nine cities, the mortgage payments were actually cheaper than the rent payments, by an average of about $164 per month.
On top of being cheaper in most cities, buying a home is also a great investment. When you rent, you are essentially paying off someone else’s mortgage. When you purchase your own home, you are investing in your future, not someone else’s.
We understand that the idea of purchasing a home can seem intimidating, but it doesn’t have to be. With the right Guelph real estate agent at your side, you will see that finding and purchasing your dream home is a rewarding experience.
Whether you are looking to buy or sell a home or would like more information on the benefits of buying over renting, contact us today at (519) 831-7447.
Source: http://www.huffingtonpost.ca/
