Should I rent or purchase a home in Fort McMurray?
Are some of you considering a home purchase? Before you do, read on and evaluate if this is your best decision.
For the first time ever Fort McMurray Rental Apartments is offering a free report and personal consultation to conclusively answer the question, “Should I rent or should I buy?”
We have been a landlord in Ft. McMurray for a quarter of a century and we have learned some things:
- Ft. McMurray is a classic rental market. People come to the city for high wage employment and then return to their origins within 3–5 years.
- The demand for houses is cyclical. A sale of a house is risky because the majority of residents are temporary and will not buy for the long term.
- Every 5–6 years a new business cycle begins or ends. People vacate or populate depending on the peaks and valley’s of the cycle.
- Even entry level houses are very expensive, the highest in the northern hemisphere! Consequently very little equity is gained in the first five-year term of a high ratio mortgage.
- Timing of house sales and purchases is very risky and often when a homeowner is ready to sell none of the temporary residents coming and going will buy.
- Interest rates will change and the prices for homes will again fluctuate affecting the purchase/sale price.
- As a home owner you have no control over these factors (interest rates, business cycles, home maintenance costs, property taxes, utilities, your neighbours to name a few) in fact they control your actions and your disposable income.
We have learned the most financially successful temporary resident of Ft Mcmurray is an apartment dweller. We have numerous examples where a husband and wife together make large sums of money, they control their spending and know all of their costs. They also have a plan to save a high percentage of their disposable income—experience tells us the best way to do that is to rent.
Benefits of renting in Fort McMurray:
- Repeatable, predictable rents allow for achievement of saving and spending goals.
- Living in an apartment is easy.
- You can move at any time without costs.
- The only cost is rent—no property tax, utilities, repair and maintenance, no equipment necessary or storage.
- No cost of security or stand alone cable and telephone systems.
- No down payment, bank, agent, legal or mortgage fees.
- You have a choice of locations and neighbourhoods.
- Most Fort McMurray rental apartments are near amenities—churches, schools, parks, shopping which are not always available when you are house hunting.
- Freedom to come and go from your rental home as you please—lock and leave without fear of vandalism and theft.
- No value loss during downturns, no impact of changing mortgage rates and property taxes.
- There is very little equity gain in the first 5 years of a high ratio mortgage.
- You can save the high interest charges on a mortgage for a larger down payment when you return home from the city.
After you have read this and if you are interested in having a comparison of renting or buying please just let us know. The results will make it clear what each course of action costs. You may be very surprised. In fact 40% of all homewowners choose to rent and not for financial reasons.
We believe renting in Fort McMurray is the clear course of action for wealth accumulation in this city. It is easy, offers predictable costs, it is risk free and permits you to choose your neighborhood and neighbors. Finally you are completely mobile for a vacation or a move.
Why don’t you schedule a free consultation today. Please contact Mary and set it up!