This is a decision which many people face, and the decision is not as easy to make as it may sound. Should you buy a home in Ottawa or continue to rent?
As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. A growth in equity combined with regular appreciation in property values can be a fast and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time accumulates no equity or property investment. On the other hand, a renter may have enjoyed lower living expenses and the opportunity to invest in other opportunities to grow net worth.
When comparing home ownership to renting, you must calculate all of the figures, including the cost of your home, the size of your down payment, utilities, emergency repairs, interest rates and insurance. Compare these expenses with how much you are currently spending on rent – does the math add up?
Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home. Before you make a decision, speak with a real estate agent in Ottawa to evaluate the market and see what your options are. Both options have their pros and cons, and the choice is entirely yours.