Everyone will agree that as adults, one of our biggest dreams is having a place to call our own.
Leaving your country or just your parents’ house is the first step towards achieving that dream.
What does this mean for you?
It’s called – independence. To finally have your place.
And for first-time homeowners, this is a very daunting and crucial decision to make.
And the good news?
No matter if you’re an immigrant who’s a newcomer to the community…
…or an adult who just happened to want a place of your own.
We, as professional home builders, understand that it’s always quite overwhelming to decide whether it is better to rent or buy a house.
We will provide you with some critical points to remember about renting versus buying your new custom home.
According to the Canadian Rental Housing Index, there are a little over 32,000 rental households in Saskatoon, Saskatchewan.
Although the number of owned households exceeds this number, renting is still a quite popular option nowadays. Especially for couples without kids.
There are quite a few pros about renting a place.
But there are also lots of cons that go with it.
So, let’s take a look at both and see which road is better to take.
Pros of Renting
One of the most important aspects of renting a place is that it allows tenants to have a certain amount of flexibility they won’t have if they do decide to buy a house.
Some people don’t like the idea of being tied down to one place too long.
Renting is a good option if you’re one of those people.
On the other hand:
Renting gives you lots of mobility.
If you’re not satisfied with your rental over time, you can quickly move somewhere else.
If you get a new job that requires that you move to another city… you can just do it, and find another place to rent.
Maintenance Not Included!
You might find that you’ll have very low to absolutely no costs related to the maintenance of your rental place.
For first-time homeowners, saving this extra money will definitely help put it on other future expenditures.
As if that’s not enough…
When your rental property needs any type of repair, you don’t have to spend anything.
You can simply call your landlord and let them do the job.
After all, that’s their responsibility.
On the other hand:
It’s still vital that you read the lease thoroughly.
To make sure that maintenance costs will not be your responsibility.
Also, make sure that the landlord hasn’t added a clause allowing them to raise the rent to cover for their expenses.
Fixed Monthly Expenses
Another bonus is that you’ll know exactly how much you’ll be spending on housing costs at the end of the month.
Because you signed a rental lease, your rent will remain the same for a fixed amount of time.
Unless you decide to extend your lease, the owner can choose to keep it the same or increase it.
Best of all:
Renting a place allows you to save money for the time being because you won’t be spending money on fees and taxes that are explicitly applied to homeowners.
Renting is somehow more suitable for younger adults than it is for adults in their prime.
Especially those who are already looking forward to living a quiet and relaxed life.
Cons of Renting
Even though you signed a lease before you rent a place, your landlord can decide to raise the rates any time after that in case you wish to renew.
Due to inflation, rent prices need to get adjusted as the years go by, so the landlord could raise the rental rates to avoid losing money.
And so, it’s up to you:
Stay and pay.
Or move out if you are not willing to pay the additional rent.
Customization Is a No!
You can agree with the fact that the most annoying thing about living in a rental property is that:
· you have no freedom to remodel
· or do some redecorations to meet your taste.
It’s essential to keep in mind that you’re renting someone else’s property.
The worst part?
You always have to oblige to the homeowner’s demands.
And now, think about it:
Most landlords will not allow tenants to do alterations in their rental property, such as:
· changing the room color
· hooking up something on the wall like mounting a television set
· or even changing the blinds!
Bear in mind that in case your landlord does allow you to make upgrades to the rental property…
You’ll be spending your money to improve someone else’s house!
And once you move somewhere else, you won’t get your money back.
Is that it, you might be wondering?
No pets allowed. Sorry!
If you’re an animal lover, your pet is undoubtedly an official member of the family.
Wherever you go, you want to take your beloved cat or dog with you.
However, some homeowners have a strict ‘no pets’ policy.
What does that mean?
It means you won’t be able to bring your pet with you to the rental property you’re moving into.
So, what’s the bottom line?
If you have a pet, you’ll most likely have a hard time finding a place to rent.
This is critical to consider when you find yourself facing the classic ‘rent versus own’ dilemma.
And now without further ado… let’s dive into something more pleasant and realistic.
Buying A Home
Now, for first-time homeowners, it sure feels tempting to look into buying a house.
Though it is more expensive than renting a place…
You can agree with the fact that nothing can compare to being a homeowner and having your property.
But wait, let me tell you something:
According to the Canadian Rental Housing Index’s data: there are over 65,000 owner households in Saskatoon, Saskatchewan.
Which means that buying a house is quite popular in the region.
And this leads us to the following:
If you’re a prospective first-time homeowner struggling with choosing between rent versus own…
We present you with:
some pros and cons of buying a house that can help convince you to become a homeowner!
Pros of Buying
Homeownership: MY OWN Home Sweet Home
As a homeowner, you don’t have to be constantly worried about having to look for a new place in case your landlord suddenly decides to evict you.
Yes, getting evicted from a rental is a real possibility.
And it happens sometimes.
On the other hand…
If you buy a house, it’s your asset, your property.
No one can kick you out from your property.
By now, you are probably wondering:
Is it ideal for me to be a homeowner or I’m thinking of starting a family?
What if you already have one?
Houses often come with a yard and a garage (if you’re lucky).
Which are spacious enough and adequate for a family to live in.
On top of that, when you buy a house, you’ll have the privacy and pride of finally going to your ‘Home Sweet Home’ at the end of the day!
Keep on reading!
Freedom To Customize
When you buy a house, you can make any upgrades that you want.
Unlike rental places, there are no landlords to tell you what you can and what you can’t do to the property.
If you want to make upgrades, you’ll be spending your money on something that belongs to you.
Buying a house also means that you can opt to purchase a custom-built home that satisfies all of your expectations and needs.
There are some custom home builders around. Like us – Green Villas Construction.
That can help you own a house, that gives you the privacy that renting cannot provide.
Think about it:
Living in apartment buildings — which is quite common when you’re renting a place — means that you have to live according to many rules, right?
And all of them are established by the landlord.
And you have to get along with other tenants.
On the other hand:
When you have your own house, you don’t have to answer to anyone because you’re the one who makes the rules!
Isn’t that great?
Oh, wait! There’s more to it. Keep reading!
When you’re a homeowner in Canada, there are several tax breaks that you can benefit from.
And you know that this is very appealing when you file your taxes every year and want to get some money back.
First-time homeowners, for instance, can benefit from the First-Time Home Buyer Incentive.
It helps Canadians in buying their first house, whether it is a real-estate house or a custom-built house.
According to the Government of Canada, this program “offers 5 or 10% of the home’s purchase price to put toward a down payment”.
There are a lot of home buying programs sponsored by the Canadian government that are worth checking out.
You can learn more about those programs here.
Or consult with professional custom home builders like Green Villas Construction.
Yes, buying a house could be costly at first.
You probably heard horror stories about expenses that come with being a homeowner, such as a mortgage, insurance, taxes, utilities, maintenance, among others…
However, there is something that you rarely hear when you can’t decide which wins the rent versus own argument:
· You can get all of that money back if you choose to sell your house someday.
You might be wondering why?
· Because Canada is a first-world country whose economy benefits from the massive influx of immigrants.
· It’s economy is consistently growing even more
· while other nations are watching as their economies shrink in the face of a global crisis.
It’s no wonder how real estate in Canada has witnessed steady growth!
The best part?
It’s highly unlikely this will change soon.
Because of that, if you ever choose to put your house in the market, you certainly will get your money’s worth and more back.
Cons of Buying
You see, being a homeowner comes with a lot of responsibilities.
You guessed it:
· There are taxes to pay
· maintenance to schedule
· and many other things.
However, keep in mind:
All those extra costs of owning a house can be reduced thanks to the several tax benefits provided by the Government of Canada.
Renting a place makes it easier for you to move to another location in case you’re not happy with your living quarters.
Or if you need to move to another town, for instance.
Being a homeowner reduces mobility almost entirely.
This is why:
You need to make sure whether or not you’re ready to settle down.
And pick the right location before you decide to buy a house.
Don’t forget that you can always rent your home if you ever need to spend some time away!
Sign up for Airbnb, and you’ll see.
Okay, here is something you need to know:
Buying a house means investing your money in what is considered a non-liquid asset.
Don’t know what a non-liquid asset means?
A non-liquid asset is an asset that can be quite difficult to convert to cash.
In other words, it means that a house is an asset that can’t be quickly sold.
Sometimes you have to wait for months or even years on end before you find a buyer.
Despite that, buying a house is still a plus.
Well, it’s because first-time homeowners are purchasing a home without thinking of selling it in the near future.
Rent Versus Own: Final Verdict
Let’s put the cards on the table once and for all.
Renting might be an excellent option for younger people.
Overall, those who are still testing the waters of independence and are not looking forward to settling down yet.
If you are ready, purchasing your very own home is the better option.
Having pointed out all those, it’s no wonder buying a custom-built house is an answer that provides:
· tax benefits
· and many more.
Given that Canada’s economy has seen steady growth over the years and real estate is following the growth very closely…
…buying a custom-built house by professional home builders is the best option of your life, and we are ready to show that to you.
Don’t believe us?
Give us a call now at +1 (306)-715-2855, or click here.
Green Villas Construction
Since you have decided that buying a house is right for you…
You’re probably thinking about the following:
Is choosing the right home-builder an essential step to save money?
And you are right.
With our affordable custom-built houses, you instill the guarantee that you’re investing your money in a high-quality, well-planned dream-house.
What does this mean for you?
You’ll need to find the best in the business.
And Green Villas can do just that and so more!
Associated with the Saskatoon & Region Home Builders’ Association, Green Villas Construction is a notable home builder.
We are currently operating in Saskatoon, Saskatchewan that has completed several successful projects over the past 10 years, establishing a harmonious and long-lasting relationship with their clients.
Green Villas has earned the Gold Service Award presented by the Saskatchewan New Home Warranty Program, which acknowledges Green Villas’ outstanding workmanship in the development of new custom-built houses as it specializes in developing high-quality residential and commercial buildings.
Now that you’re looking forward to being a first-time homeowner, you can get in contact with Green Villas – a trusted custom home builder.
How to do that?
By filling out the form or by calling the number available here.
On top of that, you can also check our portfolio and see our past projects that include custom-built houses and commercial buildings!