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5 Reasons why Renters don’t Purchase a Home!

Canadian Housing Market 5 reasons why renters dont purchase a home!

So you’ve been wondering why some people ‘waste’ money renting a place, when they can in fact purchase a home of their own. Here are the top 5 stumbling blocks:

1- Not having the required down payment:

Normally it is recommended for a buyer to have 20% of the value of a home as down payment. Some buyers, especially the younger crowd, opt to stay at home and save that money; others rent cheaper properties and slowly but surely save the amount

2- Underwhelming credit history:

A good credit history plays a key role in securing a mortgage. Unfortunately, it’s easy to hurt one’s score but hard to build it up. Whether it be carelessness growing up, or just going through a tough financial period, many are forced to continue renting while they are building their credit scores back up

3- Not having a steady job:

Buying and owning a home is a true commitment with certain monthly requirements. Generally, if you don’t have a steady job, you can’t risk purchasing a home

4- Big portion of salary going towards other debts:

Even if you have a steady income, you need to have enough money left over on a monthly basis to pay off the bills. Unfortunately, some are stuck with outstanding debt like student loans, credit cards etc. eating a significant chunk of their monthly income

5- Questionable housing market:

Some of you may have the fund, but have continued renting simply because you foresee a declining market. At some point though, you have got to make the move. Seeking the help of professionals would speed up this process significantly

 Looking for more Rentals ? www.SuttonRentals.com

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