The questions for many individuals & families that sometimes still remains unanswered is when is it the right time to buy… or should you just keep on renting??? Of course the circumstances and conditions are different for everyone and the answer will never be black or white.
An obvious argument for owning a home is based on the idea that paying ones mortgage is an instant savings plan and once you pay off your mortgage your home will be a huge asset. I always advise my clients if they are able to buy a home in their area for less than 15 X what their annual rent it, it makes more sense to buy. That being said; do not spend more than 3 X what your annual income is on a home. The answer still does not seem that simple; of course if you are single, living on your own and don’t want to settle down quite yet then yes, it might make more sense to rent for now . Perhaps you and your family have recently moved to Canada from a different country and want to save some money to put a down payment on a home, renting might be the answer for you too. I always say if you’re not paying your own mortgage you are still paying someone else’s mortgage. Feel free to call me about more information and tips about buying vs renting or renting vs buying, I have many more tips to help you make a decision. Contact me at 780-919-0201.