Is It Better To Rent Or Buy Real Estate In Nanaimo?
A question that I often get from my clients, particularly first time buyer’s, is whether it’s better to rent or buy real estate in Nanaimo.
There’s really not a right or wrong answer to this question, but here are a few tips you may want to consider when thinking about whether it’s better to rent or buy real estate in Nanaimo.
Advantages to renting:
When you’re renting real estate you’ll have a lot less maintenance and repair costs than if you own your home.
Landscaping and appliance repairs, for example, will most likely be done by the owner or management company, saving you the time, trouble and worry of having to deal with these items.
Increased Mobility- Typically your rental lease will be for a year at a time, so if at some point you decide you need a change you’re not going to be locked in to a house or be forced to sell in a down market.
Advantages to buying a home:
With this tip I’m going to try and remove any emotion from your decision of whether to rent or buy real estate in Nanaimo, and instead simply look at the numbers.
Interest rates are at an all-time low right now. Low interest rates mean that your mortgage payments will be lower. These lower rates are helping many first time buyers’ get into the market.
When you own a home you’ve got an appreciating asset, sort of a built-in savings plan in a way. When you rent, the only person who benefits from increasing real estate prices is your landlord.
As your real estate agent I can help you calculate the annual price appreciation of homes and help you to identify the real costs of owning a home, so that you’ll be able to decide if it’s better to rent or buy real estate in Nanaimo.