Becoming a homeowner has so many rewarding advantages. Sure, it can seem like an arduous undertaking if you’re a first-time buyer, but a little bit of hard work and financial commitment are worth it in the long run.
Here are just some of the many advantages of owning a home vs renting:
Homeownership Builds Long-term Wealth & Equity
Unlike buying a car or motorcycle, a home is an investment that isn’t going to depreciate much over the years, especially if you maintain it! Kelowna’s real estate market is thriving, and as one of the most desirable places to live and retire in, it’s a low-risk place to invest. With each passing mortgage payment, you’re slowly but surely paying down your loan and building your equity.
Here's some food for thought…the average rent for a 2-bedroom unit in Kelowna is currently $1,600 per month.
What does this mean for those who are renting in the Kelowna residential market?
1 year of rent is equivalent to $19,200
3 years of rent is equivalent to $57,600
5 years of rent is equivalent to $96,000
10 years of rent is equivalent to $192,000
Conventional wisdom tells us that money spent on rent over time is being flushed down the toilet because you're paying off someone else's investment. If we look at the flip side of this, for most people who can muster the down payment, buying is the better choice. When you own your Kelowna property, that $1,600 per month will be going towards your own investment and not someone…