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Buying vs Renting

Apr 28, 2023  
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Buying vs Renting will give you the answer to the most common question in today’s housing market: whether to buy or rent a property. Many factors come into play when making this decision, and it’s essential to weigh the advantages and disadvantages of each option. In this blog post, we will provide a comprehensive overview of the differences between buying and renting, discuss the pros and cons, and help you determine which choice is better suited to your needs.

When planning to live in Calgary, Canada, one of the most critical decisions to make is whether to purchase or rent a property. Each choice has its own advantages and disadvantages, and the ultimate decision will primarily rely on an individual’s financial status.

Buying vs Renting

Buying a house in Calgary can be a significant financial commitment upfront, as you’ll need to provide a down payment and closing costs. However, owning a home means buying real estate comes with many benefits, including building equity, having control over your property, and the ability to customize your living space.

Building Equity: One of the most significant benefits of buying a house is the ability to build equity over time. As you pay down your mortgage, you’ll own more of your home, and you’ll be able to borrow against that equity if needed. Additionally, you may be able to sell your home for a profit in the future.

Customization: Owning a home also allows you to customize your living space to suit your needs. You can make renovations, repaint the walls, and create a space that is uniquely yours.

Property Ownership and Control: Owning a home provides you with complete authority over your property. You have the freedom to modify your home according to your preferences and needs, such as installing a deck or remodeling the kitchen, without having to seek permission from a landlord. Additionally, you are not obligated to comply with the regulations established by a property owner.

While buying a home has its benefits, it’s also important to consider the drawbacks. For instance, owning a home means you’re responsible for all maintenance and repair costs, property taxes, and homeowner’s insurance. Additionally, it can be challenging to sell your home if you need to move in the future.

Renting Vs Owning

Renting a house in Calgary can be a good option for those who aren’t ready or able to commit to a long-term financial commitment. Renting provides flexibility, as you can move out at the end of your lease without worrying about selling your home. Additionally, renting typically doesn’t require the same level of financial investment upfront.

Low Upfront Costs: Renting a house typically doesn’t require the same level of financial investment upfront as buying a home. You’ll likely need to provide a security deposit and first and last month’s rent, but this is significantly less than a down payment and closing costs.

Maintenance: One of the significant benefits of renting is that you’re not responsible for maintenance and repair costs. When something breaks or needs to be fixed, you can simply call your landlord or property management company, and they will take care of it for you.

Flexibility in Housing: Renting offers significant flexibility, which is one of its greatest advantages. If you need to relocate for professional or personal reasons, you have the option to move out at the end of your lease or even terminate the lease early.

However, renting does have its downsides. For instance, you’re not building equity in a property, and you’re subject to the rules set by your landlord. Additionally, rental rates can increase over time, making it challenging to budget for the long term.

When contemplating whether to buying vs renting a house in Calgary, it is crucial to evaluate your individual circumstances and financial status. Each option has its own advantages and disadvantages, and it is your responsibility to assess which one is suitable for you. Although owning a home can be a significant financial commitment, it also provides stability and an opportunity to accumulate equity. On the other hand, renting a house may offer more flexibility, but it also implies that you are not accumulating equity and must adhere to the regulations imposed by your landlord. Ultimately, the choice to buy or rent a house in Calgary depends on your preferences and way of life.

Pros and Cons of Buying


Equity structure -By buying a house in Calgary, you have the occasion to make equity over time. As you make mortgage payments, you increase your power stake in the property and gain further equity. This equity can be used to finance unborn purchases or to make home advancements.

Freedom to customize- As a homeowner, you have the freedom to make changes to your property without seeking authorization from a landlord. You can patch or revise your home to meet your particular tastes and requirements.

Implicit for appreciation -Real estate in Calgary has implicit appreciation over time, meaning your property may be worth further than what you paid for it in the future. This can affect your profit if you decide to sell your home down the road.


Fiscal commitment- Buying a home in Calgary is a significant financial commitment. It requires a large down payment and ongoing mortgage payments, as well as the costs of conservation and repairs.

Lower inflexibility -When you enjoy a home, you’re less flexible in terms of moving. Dealing with a home can take time and may bear a significant financial investment, making it delicate to move snappily if demanded.

Unanticipated charges- As a homeowner, you’re responsible for the cost of repairs and conservation. Unanticipated charges can arise, and it’s important to have an emergency fund to cover these costs.

Pros and Cons of Renting


  • More flexibility: Renting a house in Calgary provides more flexibility when it comes to moving. You can move more easily when your lease is up or even break your lease early if you need to move for work or personal reasons.
  • Lower upfront costs: Renting a house typically requires a smaller upfront cost than buying. You may only need to pay first and last month’s rent and a security deposit, whereas buying a home requires a down payment and closing costs.
  • Minimal maintenance responsibility: As a renter, you are not responsible for most of the maintenance and repair costs of the property. This can save you money and time.


  • No equity building: Renting a house means that you are not building equity, which can be a disadvantage if you plan on living in the same place for a long time.
  • Limited control over the property: Renting a house means that you are subject to the rules set by your landlord. You may not be able to make changes or modifications to the property without permission.
  • Potential rent increases: As a renter, you are at the mercy of the landlord’s decisions regarding rent increases. This can make it difficult to budget and plan for the future.

Determining whether Buying vs Renting a home is more advantageous is subjective and relies on individual situation such as financial status, lifestyle preferences, and personal objectives. Making a well-informed decision requires considering the pros and cons of buying as well as the pros and cons of renting in relation to income, savings, and living arrangements.

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