There are quite a few reasons why someone may want to make the move from renting apartments or condos to properly owning a home. Some of these points can include:
- Wanting to be able to make an investment in a property (equity, etc.)
- Looking to set up permanent roots in a community you love
- Having a growing family (children, parents moving in), and needing more space
- Personal preference, or wanting amenities like a larger backyard, deck, or pool
All of these are valid, but there are a lot of changes between renting and owning your own home. You should consider the following points as to why you should buy a home instead of renting.
More Work/Responsibility
When you are renting an apartment, a lot of the tasks of upkeep fall to your landlord per the terms of your lease. If something happens in your apartment and you need repair, you report it up the chain and it is taken care of. This makes renting a good fit for people who don’t have a lot of knowledge on these subjects. That all changes when you buy a home. If something breaks, you are responsible for fixing it, whether you do the work yourself or decide to enlist a professional.
More Costs
Paying to manage all of your repair or upkeep yourself is a cost in and of itself, but that’s not all that homeowners pay for. You are suddenly a lot more responsible for things like taxes, as well as utilities (some apartments have these covered as a part of rent, some don’t).
How To Use Your New Control
Without being bound to the terms of your lease, you have a lot more freedom to make a home your own. How do you plan on taking advantage of this opportunity?
Long-Term Concerns
The fact is that if you are desperate and end up renting a place that you don’t really like, all you need to do is weather the storm through your lease and you’ll be able to head somewhere else. There’s not nearly that type of safety valve when you buy a home. Because of this, you want to take a close look at the home itself as well as your future plans before committing. This may sound like a good fit now, but will it still be a good fit 5 years from now?
Why You Should Buy A Home Instead of Renting
Transitioning to owning a home from renting can be a daunting task for anyone. It’s best that you set the odds for a smooth transition by working with professionals who will keep all the different aspects of the change in mind. This means recruiting the top realtor in Victoria, BC and looking at local Victoria Real Estate Listings. They will be able to help you narrow down the traits you want in your dream home, as well as determining all the different steps you need to take that you may not be thinking of. When you are ready to start, talk to a realtor today.