Rent Vs Own:
I am strong believer that home ownership is great for security and investment, but its not the best choice for everyone.


The benefits of renting are you don’t need a lot of money down to secure a home, in the greater Vancouver area generally cheaper per month for the short term and the its easier to move if you want to change where you live, and you really don’t have to do any maintenance. Your Rent does pay for you to have a place to live, but its an expense not an investment. You also can’t renovate, paint, or change any permanent thing in home without the Landlord’s approval. Renting can also limit your freedom of use of the property and there is no guarantee that your lease will be renewed when it’s done. Unless you buy, you’ll always have to pay rent and with everything else it will get more expense as time goes on.

So, buying a home is perfect right? Yes & No.

It depends on your situation. Owning a Home means a good portion of your monthly cost of ownership is an investment (the principal portion of your payment). You legally own the property which means you can pretty much do whatever you want. Want a pool in the backyard? Do it. Want to paint your door red? Do it. Your monthly payment also builds your credit and as time goes on your  payment will actually decrease as you pay off the mortgage and if you are there long enough you won’t have a monthly payment at all! As with other investments the value of your home goes up and down with market, but over longer periods of time Real Estate has always gone up. With more Freedom, comes more Responsibility. When you own the property it’s your job to maintain it. You also have to pay property taxes and insurance. You also need a minimum of 5% of the purchase price to use as a down-payment, it’s a lot of money in one investment, but in my opinon it is a great investment!

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