Renting vs Buying a Home in West Calgary: Which is Right For You?

Many Canadians dream of becoming homeowners; of having a space they can call their own, and while buying a home can be an exciting step in life, it can also be overwhelming due to the many financial responsibilities that come with it.

However, when it makes sense for your financial situation, first time home buyers can enjoy many benefits from owning their own space, including:

• Greater privacy
• Lower long-term costs if you play your cards right
• It’s an effective way to build your net worth
• It can appreciate in value over time
• Lower financial risk

Find Your Dream Home in West Springs Calgary

Are you a first time home buyer? Are you looking for an affordable and luxurious home in a trendy and up-and-coming new community in Calgary? Then look no further than The Rise at West Grove Estates, conveniently located in West Springs Calgary.

With West Springs’ numerous parks and greenspaces, highly-rated schools, convenient transit access, and countless recreation options, not only will first time home buyers find their dream home in The Rise at West Grove Estates, but their ideal community as well.

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THE RISE IN WEST SPRINGS CALGARY

Renting Vs Buying in West Springs Calgary: Which is Right For You?

When it comes to buying vs renting a home, potential first time home buyers will always face the age-old question: which option makes the most financial sense?

However, you must remember that no two situations are the same and to ensure that you make the right decision, here’s what you need to know about the pros and cons of renting vs buying:

Pros and Cons of Renting

One of the most common arguments for buying a home instead of renting is: why would you pay monthly rent to a landlord instead of building equity in a home for yourself? Contrary to popular opinion, there are many financial reasons why renting makes more sense.

First and foremost, you must ensure that you’re in a good financial position to buy a house and if your professional and financial lives aren’t in order, then renting may be the better option.

Pros of Renting

• You aren’t tied down to one place and it will be easier to relocate somewhere new
• You’ll be able to live in an area that you might not otherwise be able to afford
• The responsibility of maintaining the home falls on your landlord
• Renting allows you to save up a healthy deposit so you can buy a home in the future
• You’re less likely to worry about debt and you can spend your money a little more freely

Cons of Renting

• You’ll have to request for permission every time you want to make changes to your space.
• You’re paying off someone else’s mortgage instead of your own
• You have no certainty that your landlord will renew your lease at the end of the term
• You may not be able to find a property that suits all your needs in an area you want to live.

3 Signs You Aren’t Ready to Be a Homeowner

There are certainly huge benefits of becoming a homeowner and coming across a listing of your dream home can leave you thinking about little else. But it’s important not to jump the gun and assume you must buy a house right now.

Here are 3 signs that you aren’t ready to become a homeowner:

• You don’t have enough money. First time homebuyers must have enough money for a downpayment and closing costs, but you also need enough left over for an emergency fund. In addition, your salary should be enough to cover a mortgage, homeowner insurance and other fees.

• You’re in debt. Take a hard look at your spending habits and debts. You should get your bills under control before buying a home.

• You haven’t saved enough. You may have saved enough money for a downpayment, but if you don’t have an emergency fund that can comfortably cover other costs of homeownership, such as closing costs, property tax, and decorating costs, then owning a home may not be the right step for you.

Pros and Cons of Buying

There is a lot to be said for the security, pride, and privacy that comes with property investment. First time home buyers can benefit from steady capital growth, as well as regular monthly returns, if you decide to rent out your home.

If you can afford to make this investment, buying a home will provide many benefits, including:

• Greater sense of security
• Greater privacy
• You’re in full control of your property
• Lower financial risk
• Fixed mortgage rates can help you save money in the long run

However, there are some things you should consider before buying a home, including:

• Owning a home comes with many additional costs, such as legal, maintenance, and insurance fees.
• The property market does fluctuate so there may be times when you want to sell, but you can’t secure the profitable price you’ve been counting on.
• Having a mortgage is a huge debt, which means you’ll have to be more strict with your budget.

Live in Luxury in Calgary’s Up-and-Coming West Springs Community

The Rise at West Grove Estates boasts affordable and luxurious semi-estate homes meticulously crafted by award-winning builders. They represent the highest quality and elegance expected on the hill in the prestigious Southwest community of West Springs.

To find out more, visit us at The Rise West Grove Estates, 106 W Grove Way, SW, Calgary, AB, T3H, 0S2, or contact us at 403-250-5650

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