Should I Rent or Should I Buy? Thoughts from Winnipeg's Best Realty Team

Here at Century21 Bachman, we care about our clients and community, and our Winnipeg realtors are ready to assist you with your buying and selling needs. We get asked many questions from potential homebuyers, and the one that comes up most often is whether a person should rent or buy. 

This is a natural concern, and we will help you make informed decisions. The right choice will be based on your situation, and if you are in a position to buy a home, this is the option we usually recommend. There are many reasons why buying a house is the better option, including the following:

1. You Can Build Equity

Every monthly payment you make towards your mortgage will help you build equity in your home. Some of your mortgage payment will go towards the interest on your loan, but the rest will pay off your mortgage principal. Home equity can be used when you need to borrow money, whereas when you rent, you will have a more challenging time getting approved if you require a loan.

2. You Can Enjoy Tax Benefits

First-time homebuyers can receive a tax credit. You can also look into the GST/HST New Housing Rebate, which would allow you to recover some of the GST or federal portion of the HST paid for a new or substantially renovated house. Conditions do apply, but you can always look into tax credits that may be available for specific types of homebuyers. 

3. Freedom

Rental units usually come with a long list of rules and regulations, and being tied to a lease will limit your creative freedom. You may not be able to hang artwork and cannot paint the walls; in some cases, you cannot have pets or smoke. When you own a home, you will not face any of these regulations and will have lifestyle and creative freedom. 

4. Capital Gains

If a home increases in value, you can pocket the additional home equity and realize the capital gains if you choose to sell. Winnipeg Realtors generally recommend holding onto a property for five years or longer to reap the full benefits of home appreciation. 

Homes for Sale: Fort Garry, Crescentwood, and More!

More benefits come with buying a home, and if you are in a position where the purchase of a house is a possibility, this is the road we recommend. You must determine if this is financially feasible, and our team is always available to answer questions. 

We have access to all the listings in Winnipeg and will present you with houses for sale based on your criteria and needs. If you are interested in homes for sale in the Fort Garry, Crescentwood, Riverview, St. James, St. Boniface or St. Vital areas, contact us today at (204) 453-7653 to start your search!