Renting vs Buying a Home: Which is Better in Surrey, BC?

It's no secret that British Columbia has earned a reputation for being one of the most expensive and competitive housing markets in the country. As a result, many people in cities across the province are weighing the benefits and drawbacks of renting vs. buying. While all alternatives have advantages, we're here to determine which is genuinely the greatest for people looking for a home in Surrey, BC. When it comes to houses in Surrey, there are a lot of wonderful options to choose from. The entire city is home to welcoming and bright communities with a variety of full-sized houses, townhouses, and condominiums to select from. The question is which is the best way to break into the Surrey real estate market, renting or buying?

Renting or Buying in Surrey

Renting

When compared to owning, renting a home has several distinct advantages. Renters frequently have reduced monthly costs because they only have to worry about one monthly rent payment and a few basic utilities. Apart from these expenses, there is virtually little financial risk associated with renting a home. This can help financially responsible tenants save a lot of money over time. Rent control is an additional benefit for long-term renters. While your new neighbors may have to pay $1500 per month for their rental home, after a few years of living somewhere, you may just have to spend $1000. Renting makes it easier to go from one area to the next, especially for young people who may not be ready to settle down. There are numerous short-term advantages to renting, but as time passes and people's priorities shift, buying a home can start to make a lot more sense.

Buying

When it comes to long-term investments, there is no better alternative than purchasing real estate. While prices vary depending on a variety of criteria such as location and the sort of property you own, buying rather than renting might make a lot of sense, especially in a city like Surrey. Single-family homes, townhouses, and condos are the most common types of property in Surrey. Owners of Surrey townhouses or single homes, in example, will be able to extract far more value from their property over a longer length of time than if they simply rented the same property for the same period of time. As a property owner, you can increase the value of your Surrey home, which you can put toward other long-term financial goals like retirement. Renters' properties will always carry the same expense without any return on the initial investment, even if a property is rent-controlled for decades. While there are other costs connected with home ownership, such as maintenance and property taxes, owners can still expect to receive a return on their investment over time. Those profits will undoubtedly outweigh any savings a tenant might have, especially if you expect to retain your Surrey real estate for several decades.

Because Surrey is one of the fastest-growing real estate markets in a province where property values are rising, owners will benefit financially in the long run far more than renters. You can find the ideal townhouse to own in Surrey now with the help of the jag sidhu teams real estate professionals. To get started, contact us immediately or look over some of the property data on our website.