Rent vs Buy in Vancouver

Rent - Pro

  • Less maintenance and repairs Lower monthly and upfront costs​
  • Shorter-term commitment, making it easier to move to a new home, neighbourhood or city
  • Protection from decrease in property values​
  • Possibility to free up cash to invest or to save a larger down payment for a home 

Rent - Cons

  • Monthly payments may increase year after year The risk that your lease won’t be renewed
  • You are paying someone else’s mortgage rather than building equity of your own
  • You can’t paint or remodel without the landlord’s permission 

Buy - Pros

  • Freedom to renovate or modify your home as you wish
  • You are building up equity in a safe, secure investment as you pay down your mortgage
  • Potential for rental income if you include a secondary suite​
  • Stability and peace of mind that comes from being in control of your investment and owning the place where you live 

Buy - Cons

The risk of nancial loss if your home has lost value when you sell

Responsibility for all ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance

Monthly payments can increase signi cantly if interest rates go up at renewal time​

Possibility of unexpected and potentially costly repairs 

At Love the Mortgage in Vancouver we like to present all the options before you make your decision. We can break the rent vs buy in Vancouver in more details in person.

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