There are a million and one reasons to consider when deciding whether to rent or buy in west Calgary. The factors range from your stage in life (i.e. your age and marital status) to more defined factors like your net income. But whatever the factors affecting your next move are, it can be plain tough when deciding whether renting or buying is going to benefit you and your family in the long run. In my latest article “To rent or buy in west Calgary?” I’m going to talk about some of the pros and cons of renting versus buying your new home.
Points for renting
Everyone would like to own a home, but that’s not in the cards for everyone—at least not at first. There are a bunch of reasons why renting can be advantageous.
If you have a job that requires you to travel often, it is very beneficial to rent your home. By purchasing a property in Calgary, you’re locking yourself into a commitment with far reaching implications that can undoubtedly affect your financial stability down the road.
Some landlords give tenants the ability to rent to own in Calgary. What this means is that if you initially don’t have enough money for a down payment but you can afford rent, the homeowner will allow rent payments to go towards the down payment on that home. This is a great option for people who don’t have either the cash for a down payment or good enough credit history to be approved for a loan. And to further that point, renting is one means of improving your credit score.
Renting a home in West Calgary has the potential to save you some money. By renting, you’re liberating from various fees associated with the actual property itself and the maintenance of it. For example, if you’re renting a home and the central heating gives out on you in the dead of the winter—it’s the landlord’s responsibility to get that fixed for you as soon as possible.
Points for buying
No matter how you slice it, buying a home in west Calgary is going to be a large, if not the largest, purchase that you’ve ever made. Investing in west Calgary is a dream of many; however, that doesn’t mean that many possess the means to do it. Albeit, for those that do there are quite a few advantages to buying a home in Calgary.
Houses for sale in west Calgary have a relatively high price point. There are many reasons why west Calgary homes are as expensive as they are, such as: their proximity to the downtown area, the abundance of amenities and recreational space found in the area, and the large lot sizes.
Certain pockets of west Calgary housing are located as little at 20 minutes away from the downtown Calgary area. The simple fact that much of the west Calgary natural space has been deemed a conversation area means that there is a limit to the amount of new developments that will be springing up in the area. The restraints imposed upon new developments suggest that current west Calgary homes will only appreciate in value.
West Calgary neighbourhoods feature many attractions and amenities that are conducive to the family lifestyle. As a family living in west Calgary, it’s uncommon that you’ll need to travel beyond your neighbourhood. That said, buying a home in west Calgary guarantees that you’re never far from what you need.
Select neighbourhoods in west Calgary feature homes that are nothing short of mansions. Estate homes in Calgary tend to lend to an affluent community where you won’t find as many renters as you will homeowners. Examples of which can be found in Aspen Woods, Springbank Hill, and Wentworth, Calgary.
Click here to read my article “Living in Wentworth, Calgary: 5 reasons to invest in this luxury neighbourhood.”
You may have heard that the Calgary real estate market is in a period of transition. Homebuyers across the city are taking advantage of the situation and using it as an opportunity to enter the market. If you’re one of these people, or are curious about renting in west Calgary, you can reach me at:
Direct: (403) 690-2020
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