Is it Time to Stop Renting?

Posted by Jeanine B. Osborne on Friday, May 9th, 2014 at 10:14am.

Stop Renting in Edmonton

Renting can seem like a no win situation sometimes; you pay your rent and have not much say over the home you reside in. Stuck on a treadmill paying someone else’s mortgage and not getting any of the equity in the end. Perhaps it might be time to take a look at purchasing a home of your own. Taking the big step to become an owner as opposed to renter is not a decision most people take lightly, and nor should they. Buying a home is one of the biggest emotional and financial decisions you'll ever make.

The best course of action is to learn about the home buying process and all of the responsibilities of homeownership. There is a very large difference between renting a home and buying a home, and both options have their pros and cons. Before moving forward with the home buying process there are some things that should be considered.

  • Do you have the necessary financial management skills? How financially stable are you?
  • Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
  • Are you able to devote the time required for home maintenance?

These are some big questions that will require some serious thought. Some of my clients find it best to make a list of the pros and cons of both buying and renting. Once you have spent some time and thought it over and you have decided it is time to follow your dreams and buy that home, what’s next? Well now it’s time to find out if your financially ready to buy a home, make a list of your monthly cost and make a budget of how much you can afford towards the cost of homeownership. There are many places to find information, the internet is a good place to start however talking with a Realtor may be more helpful.

Realtors can answer most of the questions you will have and direct you to the people you will need to contact. Then comes the fun part, now that you know your ready to buy a home and have an idea of your budget, it time to see what’s out there. Think about what you will need in your future home, how many bedrooms, bathrooms, and where would you like your new home to be. A realtor will be able to show you the listings that fit your range and perhaps even show you some options you may not have considered yourself. Navigating the home buying process can be a challenge but with the help of a good Realtor, you will see that the process can be one of the best life choices you have made yet. Is it time fore you to stop renting?

That’s the Cats’ Meow.

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