Understanding the Pros of Buying vs Renting in the Vancouver Real Estate Market
There are so many exciting things going on in Vancouver that it’s hardly a surprise that many people consider moving there. This August alone, the city has exciting events like the Kitsilano Showboat Festival lined up. Now on its 78th year, this exciting event features live music in the picturesque Kitsilano Beach. If you prefer adrenaline pumping adventure, then you might want to sign up for the City Chase, an Amazing Race-type adventure that aims to challenge your physical and mental prowess.
Aside from these exciting events, there are also the regular film shoots taking place in the city, as it is renowned for having the 4th largest film and TV production industry. If you are considering moving into this vibrant city, you may be wondering about the many pros of buying vs renting in the Vancouver real estate market. While renting certainly does offer the advantage of less immediate expenditure, the advantages in owning your house far outweigh this perceived convenience.
Benefits of Renting a Property
Surely, renters typically spend less of their monthly income on housing costs. In general, renters just need to pay a security deposit and monthly rent; whereas homeowners have to pay the mortgage, taxes, and other additional costs. However, nothing beats the joy of owning your very own home.
Benefits of Buying a Property
A purchased home, even if it is not yet fully paid for, could be a legacy that you be passed on to your children. Although you may have to spend a lot more to maintain your home, you can make a sizable profit reselling your home if you play your cards right. Since houses and townhouses are generally bigger than apartments or condominiums, they are more attractive choices for people who value the feeling of space.
Investing in Vancouver Real Estate
Although investing in real estate can be quite risky, the present is possibly the best time to do it. According to a report by John Carney, senior editor at CNBC.com, home prices in the greater Vancouver area are actually down 3.9 percent. Even home prices in West Vancouver, generally considered as the wealthiest municipality in Canada, have fallen 5.6 percent. If you choose to invest now, you can make a killing once the market picks up.
There are many pros of buying vs renting in the Vancouver real estate market, which is good news for many people. If you are interested in finding your dream home, make sure to contact reputable Realtors like VancouverTownhouse.ca.