Do You Fit the Profile of an Owner or a Tenant?
Article revised on 28 July 2017
Buying a home is one of the biggest financial decisions you’ll make in your life. You’ve probably been thinking about it for a while and maybe even put some money aside. This might be the year you make the big move. On the other hand, maybe you enjoy renting a nice apartment in the city. Before you make this important decision, here are few questions to help you evaluate whether owning or renting is right for you.
Determine your profile by answering yes or no to the following statements:
- You like to move around and make a change of scenery whenever the urge hits you.
- You prefer spending your money on travelling, a luxury car or making a long-time dream come true.
- You have better things to do than maintaining your home or your land.
- Your financial situation is stable and you manage your finances wisely.
- You’re ready to take on the costs of owning a home (mortgage, repairs, taxes, maintenance).
- You long for a place you can raise a family, put in a garden or a swimming pool.
If you recognize yourself in the statements of the first block, you might be better off as a tenant for a few more years.
However, you definitely fit the description of a homeowner if can relate to the statements of the second block. You should know that when it comes to owning a home, there are many solutions available to you based on your needs, your financial or family situation, and sometimes even according to your job.
Single-family homes, semi-detached or condominiums are all options to explore. The condominium could prove to be an interesting option if you’re ready to become a homeowner without taking on all the responsibilities of maintaining a home and land.
Something else to consider before you commit yourself financially: what’s more profitable for you in the long term? Should you wait and save for a substantial down payment or, based on your income, savings and budget, continue renting and invest your money elsewhere?
Both on an emotional and financial level, buying a home is one of the biggest decisions we will ever make. Better off not making it on a whim…or on impulse!
Note: This article is intended for information purposes only and should not be construed as legal, financial, tax or other advice. The circumstances or factors may vary depending on your individual situation. Before taking action, we encourage you to consult a professional. La Capitale shall not be held liable for any consequences arising from any decision taken based on the content presented in this article.
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