Over the years, I’ve known a variety of people who have told me they preferred to rent than buy a house. And two of the most common reasons I hear are that they either don’t want to take on the burden of a mortgage or they couldn’t afford to buy in the area of their preference in terms of lifestyle, commute, schooling options, etc.
Both these ways of thinking, though, are not only mistaken, but rather costly – perhaps in ways not immediately evident. First, little secret for you: if you’re renting, you are paying off a mortgage. The difference is that it’s not your mortgage and you’ll never profit from the equity built into it. Landlords have to pay their mortgages, too. They pay it by rolling its cost into your rent. And, yes, you can just move if you want. But, to where; into another rental? Then you’re just paying off a different landlord’s mortgage. There’s no escaping the burden of paying off a mortgage, the only question is whose mortgage? Wouldn’t it be better to be your own?
Yes, economies of scale can allow you to pay a little less on the rental side – though the rental situation continues to be squeezed here in Vancouver. But for that small, possible, savings you’re seeing your money disappear forever.
If you’re paying your own mortgage though a big part of that money is really being nested away for the future. Do you want your monthly housing payments to become your future retirement resources and inheritance for your children or those of landlords past? It’s something to think about.
Then there’s this question of not being able to afford your preferred neighbourhood. That can be a problem, I acknowledge. This is especially so once we start to feel part of a community.
How’s this for a solution? Buy a house, just don’t live in it. Buy a rental property of your own. Let someone else pay into your retirement fund and your children’s inheritance, paying off the mortgage on a house you’ve bought in some other neighborhood. Then, you can continue to rent in the area of your choice, knowing that you and your children’s future are being secured thanks to your foresight and initiative.
Neither of these commonly cited reasons for renting stand up to financial scrutiny. The costs to you and your children’s future are just too great. If you’ve had it with flushing away your potential financial future, we can help you get into the Vancouver Real Estate Market. Please contact us at Sales@MyHomeSearch.com
You all probably know her; daytime talk show host, comedian, actress and one the TV’s top personalities “Ellen DeGeneres”. With an estimated net worth of $300+ million dollars it’s not surprising that she recently purchased an $18 million dollar house located in Trousdale Estates, Beverley Hills, California. Hey? The pricing seems pretty identical to the Vancouver Real Estate market don’t you think?
This single story “rancher” has 8,500 square feet of living space with four bedrooms, six bathrooms and was designed by Hall Levitt – a well sought after American architect. This beautiful home has it all: a monolithic entry colonnade, a soaring marble atrium, 15 foot floor-to-ceiling glass walls, a glorious outdoor living space and a custom made outdoor pool.
Lets just have the pictures speak for themselves (Please Note that the images are not the greatest):
Are you looking to purchase a home similar to Ellen DeGeneres’s? Although we may or may not be able to find you a home that is identical to it in the Greater Vancouver or the Fraser Valley Region, but we will try our best to find you a beautiful custom home that best suits your needs; so please don’t hesitate to contact our professional real estate team at Info@MyHomeSearch.com
