Lethbridge Real Estate Information and Search

Stop Renting Lethbridge

Stop Renting Lethbridge

STOP RENTING LETHBRIDGE!

Whose mortgage do you want to pay?  Your’s or your landlord’s? (Yes, I want to STOP RENTING)

Buying vs Renting

Whose mortgage do I want to pay?

Renting and Buying a home both have advantages and disadvantages….In some communities like Vancouver or Toronto, it might not make sense or be feasible to buy a home.  However, in Lethbridge the average price of a single family home is about $275,000.  With 5% down, at 3% interest, that would be a mortgage payment of approximately $1300 a month (about the same that you might be paying for rent…. except the equity* goes to you).

Advantages to buying a single-family home in Lethbridge:
Stop renting and keep your pets close.

Enjoy your pets in your own home.

1) You are paying down your own mortgage, (not the landlords) and building *equity in your property
2) You put down roots when you buy a home, (family stability)
3) If you want to paint your door purple, you can (you can decide how to decorate and maintain your home)
4) You can have your friends over, and enjoy your pets
5) Saving money:  In many cases, your monthly mortgage payment can be less that what your rent is.  Remember, that each month you pay your mortgage payment, the EQUITY in your home goes up!!
(You can be a property owner with a condo as well, but you will have to follow the rules set out by the condo corporation with regards to pets, and home improvements).

There are times when renting makes sense.  Say you only plan to stay in Lethbridge for a few years…. Or maybe you are in a serious relationship, but it’s not serious enough to buy a house together… Then you might want to rent (here is some Lethbridge Rental Information).

Advantages to renting in Lethbridge:

1) Your landlord is responsible for making repairs to the property
2) You have more freedom to move around
3) Your landlord needs to pay the property taxes, and insurance, (you would still want to get contents insurance for your property).

If you are worried about getting a down payment, or qualifying for a mortgage, it makes sense to talk to your bank, or a qualified mortgage professional. They will be able to help you plan for the future, and might be able to give you some ideas.

YES—I WANT TO STOP RENTING!

*EQUITY: Your equity in your home is the difference between what you owe on your home and what your home is worth on the open market.

 

 

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