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How to decide whether to buy or rent residential real estate

One of the biggest questions facing adults across the country is whether to rent or purchase a home. Prospective homeowners in Alberta should consider several different factors before jumping into the residential real estate market. From personal finances to lifestyle, the decision whether to rent or buy is not always an easy one.

One of the first considerations is how long a family is planning to live in the location. Generally, buying is a better idea for those who plan to stay in one place for a number of years. Selling a house can be expensive, with transaction costs eating up an average of 1.5 to 4 percent of the purchase value of a property. Without giving a property time to appreciate in value, this cost may not be worthwhile.

When purchasing residential real estate, keeping an eye on future plans is critical. Those planning to build a family, for example, will want to purchase or rent a home with more bedrooms. It is easier to simply move to a bigger property when renting, so those without clarity about future plans or who may not be able to afford the right home right now could be better off with a rental.

The decision of whether to buy or rent is a difficult one for singles, couples and families alike. Despite these difficulties, it is a decision which needs to be made again and again as families move and grow. Those looking to enter the residential real estate market should work with a lawyer to ensure they follow the process under Alberta law.

Source: Globalnews.ca, "Should you rent or buy? Take our personality quiz - National", Erica Alini National, April 7, 2018

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