Renting v/s owning a home has been an age-old debate, but for new immigrants coming to Vancouver every year, here are some things to keep in mind weather you decide to rent or own a home as a new immigrant.

1. Research where you want to live

When you move to a new country, there are a lot of things you will need to manage. One of the most important ones is “Makaan” – A home to stay in. Renting makes more sense initially where you can see which areas of the cities you would like to stay in. There are other factors like communities, schools, and other facility requirements that you may need to consider for you and your family. The local Indian community is a great resource to have a discussion over current real estate trends in the city and if it is feasible for you to even consider buying a home or continue to rent until you are ready. A real estate agent can guide you through the technicalities of the process. You can also join local community groups for discussing this topic.

2. Savings

Weather you choose to look for a home or choose to go for pre-sales, a down payment is required. If you are not ready yet, renting makes more sense while you wait for your savings to build up. In BC, you have the first-time home buyer program which helps new home buyers with their first home and waives certain costs. For more information on this program, check out this link: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers   

3.  Mortgage and Credit score

Credit score is important when applying for a mortgage on a home. For new immigrants, credit score can take some time to build up. So, take your time and rent until you are ready and table to take the plunge. Mortgage discussion can be taken up in community chats and there are mortgage specialist that can guide locals for the same.

4. Flexibility

If you are someone who needs to move around all the time or needs the freedom to be flexible with your living situation, renting makes it easier to not tie you down to a place. If you are not ready to commit to a place, it is best to rent short or long term according to your needs. Look carefully into the renting lease agreement and make sure it works out for both landlord and tenant.

Conclusion: Renting versus owning a home dilemma is really about your short term and long-term life plans. Renting makes more sense in the short term when you are still looking for an ideal location or community. Understanding the real estate in the local area is important before you start your home buying journey. In the long run, if you choose to grow and have a family or just need a place to call your own without any restrictions, buying a home makes it worthwhile.