There are several benefits of owning vs. renting a home in Vancouver. When you buy, you get to decide where you will reside. You have plenty of options due to the beautiful neighbourhoods. Think about what is the most important to you. Perhaps you wish to have quick access to the parks and enjoy the outdoors. It may be more important to you to be close to where you work or the fun nightlife in the downtown area.
When you own a home, you can design it the way you want. You may not love the colour of the walls when you move in! You can pick a colour you prefer and put in some time to make it uniquely your own. You can create space that is inviting, relaxing, and reflects who you are as a person. When you rent, you are stuck with it the way the landlord has it decorated inside and out!
If you have a family, owning a home provides stability. It often comes with more space than an apartment or a condo. Perhaps you would love a yard for the children to play it. Maybe it is time to get a family pet, and you need a yard for the dog to safely be outside. When you own a home, you can change things up to fit your needs.
The dining room can be a place where you host holidays and dinners. The extra bedroom can be turned into a home office. The possibilities are unlimited, and you can continue to work on the home as you have time and money to invest in it. This is a fun experience and that home is a place where you can made wonderful memories over the years.
The cost of homes in Vancouver continue to increase in value. When you own, you are paying each month and building equity. You see that money slip through your fingers when you rent because you don’t get an ongoing benefit from it. Sure, you get to live there, but with rental costs soaring, you can practically pay a mortgage for about the same amount you pay for rent each month.
Should you decide to relocate from your current home in Vancouver, you have options. You can sell it and make a profit. That money can be used to help you buy a new place, to go on vacation, or put money into savings for your retirement. You can opt to keep that home and rent it out, making money on it every single month from those that live there. Once the home is paid off, the rental money you receive is profit in your pocket. That can help you build a nice nest egg.
It is possible to borrow against the equity in your home too. You can use that money to pay off credit cards, further your education, or anything else you desire. When you get a home equity loan, that money doesn’t have to be approved for pay for anything in particular. Many homeowners use that money to upgrade their home. They want to add to it or complete some repairs they otherwise couldn’t afford.