There seems to be a lot of uncertainty when it comes to real estate these days. We get it!
Home prices are falling. Interest rates are rising. Policies to be able to buy a home are also changing. It’s hard to know what the best thing to do is when it comes time to buying a home.
We don’t have the answers for you. We don’t know what the “best” solution is for you or your family. However, we do have some information to help you make the best decision.
If Saskatoon no longer looks like a sellers’ market, buying a home hasn’t exactly become a cakewalk. Unless you’re shopping for a detached house in the country’s two priciest cities, you probably haven’t seen home prices decline.
Renting isn’t cheap either. Forty per cent of the 4.4-million Canadians who have a landlord rather than a mortgage spend over 30% of their pre-tax income to keep a roof over their heads. And things could get worse if rising interest rates and tougher mortgage rules force more Canadians into the rental market.
So what’s a family to do?
Whether you should rent or buy a place to live is one of those eternal personal finance dilemmas. However, buying or renting is not just about money.
Lifestyle plays a big factor in buying a home.
Of course, the decision does involve a lot of financial considerations. But owning a home is generally a long-term commitment that will affect your choices, habits and career as much as your wallet, she noted. Before you even get to the math of renting vs. paying the mortgage, you may want to think about what you really want out of life.
Renting Or Buying:
If you are still unsure about what you should do, we found an online quiz that may also help you.
The homebuyer’s personality quiz
Here are Cooper’s three questions to help you figure out whether you’re a renter or homeowner at heart.
- How long are you going to live there?
- What are your long-term plans?
- How will owning a home affect your cash flow?
If you need help navigating real estate in Saskatoon do not hesitate to reach out to Gregg Bamford or Ryan Bamford.