Yes. Yes. We’ve all heard this argument before [a thousand times]. Sure, each and every one has their own personal opinion but in the spirit of good-real-estate-information, we at Team Leading Edge have decided to discuss this topic again so that the young demographic of Edmonton could learn and update their thought process on the matter.
It’s a pretty novel idea, so we’ll go with it.
Note: You can access all available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
In the lives of many Edmontonians, the question whether to rent or own is considered a tough one. It’s a big financial decision and because of the changing economy that we are in today, every penny counts.
Buying an Edmonton home and renting one would have a significant financial impact in one’s standard of living, therefore making it a bit complex as to determine where the better deal lies.
We’ll try to make this article brief and concise so we listed down the most important things you need to consider in making that final decision.
PRIMARY EXPENSE. This is the starting cost that you will bring upon yourself once you purchase an Edmonton home, this includes the down payment.
PERSISTING EXPENSE. This is the recurring cost that you will have to pay on a pre-scheduled month or year. Insurance, maintenance, taxes, association fees and mortgage payments all fall under this expense.
GAIN AFTER EXPENSES. You have to consider the net profit you will have to receive once you sell your Edmonton home [in the future]. In order to know that you have made a good financial decision, you should receive a substantial amount of money after the sale of the home, less the broker commission, closing costs, taxes and full payment of your remaining balance from the mortgage bank.
PRIMARY EXPENSE. The advance payments and security deposits fall under this category.
PERSISTING EXPENSE. Your monthly rent payment is considered as the recurring cost.
GAIN AFTER EXPENSES. This is the security deposit that will be refunded to you once your lease ends.
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