Renting Vs. Home Ownership
If you have ever thought of homeownership in Edmonton, you possibly know about the increasing rents and home buying costs after the pandemic boom. The rising rate of homeownership over the years signifies that many people are moving from renting to buying. Are you also ready to become one of those people? Then, it is high time to contact your realtor, Chris Hedstrom!
You may have heard that homeownership is highly costly, and renting is the best choice in today’s market. But is it true? Let’s have a closer look at the latest information from reliable sources that will help you make the right decision for a lifetime investment!
Renting Vs. Purchasing a House
When comparing purchasing to renting a house, you need to consider many factors and ask several questions.
Does Renting a House Cost More Than Buying a House?
Purchasing and renting a house have appealing pros. Under the rental contracts, the landlord is accountable for all the property tax filings, repairs, and maintenance. You can control your monthly rent; hence, your monthly rent will be more cost-effective the longer you stay at a house. When you buy a home, you need to take care of the investment–but both ways, you will pay on your own.
If I compare the risks and perks of homeownership versus renting, I must say that the net homeownership costs are lower than the rental cost. Buying a house is a long-term investment, and you will have security. I will suggest you purchase a rental property and enjoy the financial returns.
How Crucial Is Personalizing Your House to You?
Renting a home is a common scenario for many Edmonton people. Shifting to a rental house needs little documentation and no upfront financial obstacles besides a security deposit and the last month’s rent. Sadly, renters have restrictions in terms of renovations and home improvements.
If you need any repairs, maintenance, or beautification, you must inform the landlord first. Any home upgrade can enhance a property’s value just for the landlord. Hence, it is better to get homeownership instead of renting a house.
When is the Right Time to Purchase a House in Edmonton?
Once you know your financial condition and have got a home loan approval, you should start looking at houses. First, decide if you want to buy a newly constructed property or an existing house. The latter will need more upgrades and maintenance, while you can customize a newly built building. If you want to buy in Edmonton, I have many options. Being a realtor, I know that spring is the right time to market your listings. If possible, start your search in late spring.
Why Purchase a House in Edmonton?
Edmonton city provides the most appealing cost of homeownership than any other big city in the nation. Hence, the right time for investing in Edmonton is now! If you are looking for homeownership in Edmonton, contact me today to find out how I can build a long-lasting relationship with my clients.
