Rent or Buy?

Are you tired of renting? Are you considering buying a home in the Ottawa area?  Let’s consider this …

As you know, renting has two big problems – the rent can go up, and you don’t have anything to show for it except a pile of rent receipts.

One of the facts of life is that if you want to have a roof over your head, you have to pay somebody for that roof. In real estate we have a saying, “Whether you rent or whether you buy, you pay for the space you occupy.”

You might be thinking, “I can barely make the rent, how in the world can I afford to buy a home?” There’s an answer to that, but first, let’s start with why it’s to your advantage to own your own home, and then we’ll figure out how to make it happen.

Gaining Control – Renting is being out of control – the rent can go up, or the owner can tell you that you have to move. Owning your own home is a rock of stability that can’t be taken from you. It gives you a stake in the community, a sense of belonging. And for most people, it is the majority of their net worth.

Look at it this way – in 30 years, if you rented at $1000 a month, you would have paid out $360,000 and have nothing to show for it. But if you bought a home today for $250,000, at the end of 30 years you would have paid it off and you would own it free and clear. Obviously, this example is way too simple because we all know that rents go up, so you would have paid much more than $360,000. And we all know that home prices go up too, so the house would be worth much more than $250,000. Let’s discuss this further so call, text or email me.