THE EMOTIONAL AND NON-FINANCIAL BENEFITS OF OWNING VS RENTING
With higher mortgage interest rates in Canada, I have no doubt you are questioning whether or not this is the best time to buy a home. Of course the finances are a huge part of the equation, but there are also important other reasons you want to own vs rent. Some of these benefits are:
Ownership provides a sense of security and stability
If you own your home, you are in control of your living situation. If you rent, you are always at the mercy of a landlord’s whim. They can decide to sell, raise the rent, renovict or otherwise, and while you may have a little time to prepare, you still have no choice in the matter.Homeowners have the freedom to make their home truly their own
If you rent, you are only allowed to change the space within the provisions set out in your lease agreement. When you own, you can do whatever you please with your home. This creative freedom and autonomy can allow you to not only bring you joy, but it can give you a greater sense of control of your environment. . It’s also important to note that if you rent and you make changes to paint colours or move cabinets/shelves, you may be required to make things look exactly as they were when you moved in. This can be an added expense. You’re not taking care of a living space that belongs to someone else. The space is yours. As an added benefit, you may get a return on investment for any upgrades or repairs you make.Owning a home may make you feel more connected to your community
Your home connects you to your community. The typical homeowner owns their home for longer than just a couple of years. This can create a stronger connection to your neighbourhoood and community. Putting down roots creates more community engagement which in turn helps to fuel that sense of security mentioned above.What does this mean for you?
Well, if you’re planning to move in Ottawa this year and you aren’t sure if buying or renting makes sense this year, remember that there are incredible benefits beyond the simple financial investment. I’m always happy to help with decision-coaching, strategy and more! Just send me an email Liisa@LiisaVexler.com.