Buying Vs Renting Guide

Buying
vs Renting
a home
A guide to help you determine

when you’re ready to buy
Have you ever thought about buying a home? This guide will help you in deciding whether buying
or renting a home makes the most sense for your
If you rent your home, you might think that buying personal finances. The guide also highlights some of
isn’t an affordable option for you. However, with the the key factors to consider when making the decision.
necessary information and guidance, you can move from
renting to turning the keys to your own home.
Why buy a home?
CIBC FirstCaribbean’s Relationship Managers and
Mortgage Specialists are experienced professionals who ✔ As you make monthly payments toward your
can guide you through the home buying process. mortgage you can build equity in your home,
especially when property values increase.
You can use these funds to finance educational
expenses, home-improvement projects,
start a small business or other needs.
✔ If your home increases in value, you have the

option of selling it to make a profit.
✔ You can personalize décor and landscaping

or make dramatic modifications to the
property at will.
✔ Your home could be passed on to your children

or other family members.
✔ A landlord can’t decide to sell your house and

force you to move.
When to buy a home There are some situations where renting
may be a better option in the short term:
There are some key factors you should consider
before buying a home. ✔ If you are not ready to settle down and
don’t know what your long-term plans
Market conditions are (e.g. you might take a job promotion
✔ What is the price of real estate in your market? in another country, your job situation
Is it a buyers’ or sellers’ market? Consider the isn’t stable, you might go back to school
local factors affecting prices before you decide. full time, etc.) then renting may be the
These factors can influence how much you pay best option for you.
for your home and your mortgage.
✔ If you can’t afford the monthly costs of
Savings home ownership (e.g., maintenance costs, taxes,
✔ Put aside funds for your down payment. insurance, etc.) then renting may be the better
Also consider saving enough money for legal option for you until your situation improves.
fees, closing costs, property taxes and insurance.
Be prepared for the costs associated with buying ✔ If you have a lot of debt to repay, it may make more
before making the investment. sense to focus on repaying this first before taking on
the responsibility of a mortgage. Speak to a
Job stability CIBC FirstCaribbean Relationship Manager who can
✔ Do you have a stable job and a strong assist you in developing a financial plan to reach your
commitment to your community? If your plan homeownership goals faster.
is to continue living in your community for the
foreseeable future, start putting plans in place
for home ownership as this may be the best
option for you instead of long term renting.
Life stage
✔ What stage of life are you in? If you have a family
and are committed to staying in the same place for
five years or longer, then home ownership can
provide a stable living situation without some of
the uncertainties that are associated with renting.
Some key things to consider before owning a home
✔ Making a down payment and investing in a home

could be considered a lost opportunity. Why? Because
if you invest your down payment, it could grow in
value faster than a property.
✔ You have on-going responsibility and must add home

maintenance costs and property taxes to your list of
regular expenses. This may mean adjusting your
lifestyle (e.g., vacations, eating out, etc.), at least in
the short term.
To get started on the journey to home ownership, call
1-866-743-2257 and speak with a Relationship Manager.
For a checklist of the documents required for your

mortgage discussion with us, please click here.
Readers are strongly advised that this document is not a substitute for legal and other professional advice.
As such, readers are also strongly advised to seek legal and professional advice when building and not rely
solely on the contents of this document. The contents listed are subject to change from time to time.
The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by
FirstCaribbean International Bank under license.

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Buying

A guide to help you determine

✔ If your home increases in value, you have the

✔ You can personalize décor and landscaping

✔ Your home could be passed on to your children

✔ A landlord can’t decide to sell your house and

Some key things to consider before owning a home

✔ Making a down payment and investing in a home

✔ You have on-going responsibility and must add home

For a checklist of the documents required for your

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