Chilliwack Homes for Sale: Are you Ready?
For those considering moving out of their rented property and beginning the search through the available houses for sale in Chilliwack, there are a few elements that must be taken into consideration prior to contacting a real estate agent Chilliwack. They are:
1. The amount of time they expect to reside there
a. Generally speaking, for those who intend to relocate in less than five years, it may be wise to continue renting. While this advice may not always be relevant, especially during a ‘sellers market’ when home prices soar, there are situations where home owners can find themselves owing much more than their home is actually worth. The housing market is often unpredictable. It is best to only consider purchasing houses for sale in Chilliwack when the buyer expects to reside in their home for many, many years.
2. What costs are associated with home ownership?
a. These costs include: Mortgage payments, taxes, home and content insurance, utilities, renovations or updates and ongoing maintenance. Once the average monthly expenses associated with home ownership have been calculated, it is necessary to weigh that against the average cost of renting a home.
b. The fees associated with renting home include: content insurance and utilities. It is likely that the cost of renting is far less than the cost of owning, however, consider the following: If you were to rent a $160,000 home for the average price of $1500.00 per month for 5 years, you would have paid off more than half of the home owners mortgage. Since most mortgages are 25 years in length, you could have actually saved yourself several hundred dollars a month by owning the home yourself. You would have also been able to build up a significant amount of equity that could have been used to enhance your quality of life drastically.
3. Are you ready for the responsibility of home ownership?
a. There are many responsibilities that come with home ownership that are not prevalent when renting a home. For example, should the roof need to be repaired when renting a home, it is the person who owns the home and not the person living in the home who is liable to pay for the repairs
b. Asides from the added responsibility that comes with home ownership, there are also may great advantages afforded to those who own properties that may not have been available had they have rented their home instead. For example, home owners have a greater financial advantage than renters do because of the equity built up in their homes. This can be used to secure financing for additional homes, trips or education.
If after weighing all of the criteria surrounding renting versus owning your home, you feel that you are ready to begin looking at houses for sale in Chilliwack, contact a licensed real estate agent Chilliwack today!
Resource Box : If after weighing all of the criteria surrounding renting versus owning your home, you feel that you are ready to begin looking at houses for sale in Chilliwack, contact a licensed real estate agent Chilliwack today!
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