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Buy or Rent

Should You Buy or Rent Your
Home in the Kootenays?

We’re excited you’re choosing the Kootenay community to put down your roots and we’re here to help. Although the decision to buy or rent is unique to every person, there are some common considerations. We’ve put together these pros and cons to help you make an informed decision. Check out these points, then speak with one of our financial advisors to see what’s best for you.

One important thing to keep in mind is that your decision isn’t carved in stone. You can rent now and save up to buy later, or you can buy a house today, then sell it and rent a home at some point in the future.


Pros and Cons of Renting or Buying a Home

While there are exceptions to every rule, here are a few of the pros and cons of renting or buying:

Pros of renting a home:

  • It’s relatively easy to move to a different address if you need to change locations
  • Outside of rent, utilities, and insurance, you have few financial commitments to your home
  • Unforeseen expenses, like a broken water heater or appliance, are usually the landlord’s responsibility
  • You have a fixed monthly cost (potentially with annual adjustments)
  • Major appliances are generally included in your rental

Cons of renting a home:

  • You won’t build any equity – you can’t get any of your rent money back
  • You have to pay a significant damage deposit before moving in (but will most likely get that back when you move out)
  • Should your landlord need the space, you’ll have to find a new home (but your landlord will have to provide notice)
  • Beyond minor cosmetics, you can’t make changes without the owner’s approval
  • You might not be allowed to have a pet, and if you are, there might be additional costs and limitations

Pros of buying a home:

  • Every payment you make brings you a step closer to owning your asset outright, and real estate historically appreciates (check out our Mortgage Calculator)
  • You can build equity and gain access to more lending for things you want or to invest in your future
  • You can change pretty much anything to suit your style
  • Privacy — nobody can enter your space without your permission
  • Stability — you can keep your address for the rest of your life

Cons of buying a home:

  • It’s a process to move somewhere elst
  • You’re responsible for everything — if the hot water tank bursts, you have to replace it
  • Be aware of additional costs like property taxes, strata fees and house insurance
  • High upfront costs, including legal fees, conveyancing, down payments, inspections, and more

Building your financial future

Whether you choose to rent or buy, the decision is a part of your financial future. In most cases, buying a home helps you build equity, while renting can free up some of your savings which you can use however you want, like investing in opportunities that are important to you. A professional advisor can help you make an informed decision that fits your comfort level, financial situation, and long-term goals.

Chat with a KSCU advisor for more information to see if renting or buying is the right fit for you.

When you’re part of Kootenay Savings, you’re a member and owner, with a voice and a vote, and we care about your financial well-being. Welcome to our community.


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