Rent vs. Own: Know Your Options
Recently, the BC Residential Tenancy Branch announced 2018 will bring the maximum allowable rent increase, 4%. This causes many renters to start asking the question, “should I buy?” It is wise to consider all financial possibilities available to you when your monthly rent starts to rise.
What are the advantages to owning a home?
- It’s an investment: for first time homebuyers, enter the real estate market and start building equity.
- Avoid consistent increases: with fixed and many variable mortgages, you can avoid consistent annual increases in your payments.
- Make it your own: Renovate and decorate your space however you want. Owners have the luxury of renovating and decorating their homes however they want. Renters do not have the same opportunity with a rented property.
- Potential income: many people are now renovating or building homes that have a legal suite. This allows the opportunity to generate rental income.
The market is significantly different from what we have see 20 or even 10 years ago. The average cost of a home in Kelowna has crept up to $700,000. This number can be daunting for those looking to enter the housing market. That’s where Lake Country Modular and Maximum Modular can help. We can work within your budget to build you a NEW, custom home.
Where to start?
- Know your financial situation and if buying/building is a good option. Many financial institutions like CIBC and Royal Bank Of Canada (RBC) have their own rent vs. buy calculators on their websites.
- Meet with a broker or mortgage specialist to get pre-approved and know what your budget is.
- Contact us at 250.766.2214 to make an appointment with one of our sales consultants.
Prior to your appointment, we encourage you to browse our sample floor plans on our website or get creative and design your own. (Don’t be shy about your drafting skills, we see everything from scribbled pencil drawings to floor plan apps like homestyler and RoomSketcher.)