Choosing between whether to rent or buy isn’t just about the cost of living. In fact, both pathways have unique lifestyle considerations, financial factors, and conveniences.
As a local team of Realtors who specialize in helping relocators find their ideal home in Calgary, we’ve got a few tips for helping you decide whether or not to buy or rent. Let’s get started.
Heading out west? Click here to read our Ultimate Guide on Relocating to Calgary.
Before You Arrive: Securing Housing
Regardless of where you’re relocating to Calgary from, you’ll have a lot on your plate when it comes to settling in a new city. Having a stable foundation for the next chapter of your life starts with securing a place to live.
While there are certain instances where you may wish to find housing upon arrival in the city, securing a comfortable place to live in advance is generally the way to go. Having secure housing in place can help you minimize the stress associated with your move and cut back on the expenses of temporary housing.
Buying – Pros & Cons
Pro: Building Equity
Buying a home allows you to build equity over time. Instead of paying rent to a landlord, your monthly mortgage payments contribute towards owning an asset that can appreciate in value. Calgary’s real estate market has historically experienced steady growth, providing potential financial benefits for homeowners. Building equity can also offer a sense of stability and security, knowing that you are investing in your future.
Pro: Making the Space Your Own
One of the main advantages of buying is having greater flexibility with your living space. As a homeowner, you have the freedom to personalize the property to your heart’s content (as long as it fits within local regulations and bylaws). Whether you wish to renovate, make unique interior design choices, or have fun with the landscaping, buying lets you tailor your home to your tastes and preferences.
Con: Maintenance & Repairs
Buying a home comes with the responsibility of keeping it in good condition. Not only can maintenance and repairs be a hassle to take care of, but the related costs can add up quickly and potentially strain your budget.
Thinking about making a move to Calgary? Explore these blog posts for a sense of the local lifestyle.
- The Pros and Cons of Living in Calgary: What You Need to Know
- Top 8 Neighbourhoods in Calgary for Young Professionals
- Calgary Lifestyle: An In-Depth Guide of Fun Things to Do in Calgary
Renting – Pros & Cons
One of the best perks of renting is that it gives you the freedom to be mobile. Speaking broadly, renters have the freedom to relocate more easily, whether it’s for career opportunities or personal preferences. As a relocator, this flexibility can be helpful as you decide where to lay down roots long-term.
Pro: Lower Barrier to Entry
Another big advantage of renting is that the upfront costs are far less significant compared to a home purchase. While there are initial costs when you begin a lease, such as the first and last months’ rent, a security deposit, and other one-off expenses, rental housing has a much lower financial barrier to entry compared to buying. If you’re moving out west without a substantial amount of savings or equity that you can leverage, renting might be the right choice for you.
Con: Less Stability
One of the downsides that come with renting a home is the reduced degree of stability.
As a growing city, rental costs in Calgary are trending upwards. Even after finding a place to live, your rent can go up periodically.
Looking for tips on sprucing up your living space? Check out these other posts from our blog.
- 8 Things You Can Add To Your Home To Enhance Your Mental Health
- 6 DIY Projects That Will Increase Your Home’s Value
Finding Your New Home
Calgary is an amazing place to live. That said, the process of relocating to a new city is easier said than done. Instead of getting overwhelmed, working with an experienced real estate team that specializes in supporting newcomers can help you make a smooth transition. That’s where we come in.
As longtime professionals and proudly-local property owners, Dolce Real Estate Group is your best resource for acing your relocation. We know local real estate inside and out and have a time-tested system for helping relocators lay down roots. With five different languages spoken by members of our team, we’re able to support new Calgarians no matter where you’re coming from.
In addition to helping you find the right home, we’ll act as your personal guides to discovering Calgary and settling into your new life in Alberta.
If you’re looking for an expert to guide you through the process of relocating to Calgary, look no further than our dedicated team of Realtors. Call 587.229.7108 to get in touch – or click to send us an email.
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