Many people who are considering purchasing a home have considered the pros and cons of buying versus renting. Although there are some objective factors such as the housing market that may influence this decision, overall the choice comes down to personal preferences and financial situation. Here are some things Alberta individuals and families should consider when choosing between buying or renting residential real estate.
The first thing that should be evaluated is a buyer's lifestyle. For example, those who don't think they will be living in the same area for more than a couple of years may be better off renting than buying. Job security and financial priorities may also be a factor here.
People should also consider whether they have the financial security to own a home. This includes the ability to come up with a down payment and savings available for home appraisals, homeowners insurance and closing costs. People should also consider what is important to them in order to make their decision; those who value mobility may wish to rent, while those who are concerned with issues like equity and community may wish to consider buying.
Clearly, choosing whether to rent or buy residential real estate is a very personal choice. However, it is also tied into financial realities and the local real estate market. In Alberta, many potential buyers may find that buying a home is more affordable than it might be in other areas of Canada, which could change the conversation somewhat. Those who are wondering about the legal considerations for buying a home should speak with a real estate lawyer to better understand the process involved.