Why rent? We recognize not everyone should buy a home right now. For some, it’s better to rent for a while before taking the plunge and buying a home.
You shouldn’t buy a home if:
- You don’t like fixing things. When you rent, you get a built in maintenance plan!
- You don’t plan on staying in a home for at least 5 years. Houses increase in value, over time. In the current economy it’s going to take several years before most areas appreciate in value again.
- You don’t have enough cash for a down payment or at least 3 months worth of mortgage payments saved up. You want to give yourself the best possible chance to succeed in homeownership.
TIP: Buying a home is most everyone's dream, but if you’re not personally & financially ready, it can be a nightmare.
- You’re not sure your job is secure.
- Your credit is damaged. You’re better off taking six months to a year to improve your credit before buying.
- You’re not ready to commit to a city or neighbourhood.
TIP: Use the time that you’re renting to get to know some neighbourhoods by walking or biking around them.
- You want to live in an area that is more expensive than you can afford to buy right now.
- You’re not sure your current relationship is going to last. It can be very difficult to figure out who’s getting the house, how they will buy out the other person’s share, and how to get the other person’s name off the title to the property & mortgage loan if there’s a break-up.