Sandra Rinomato is a property expert for over 13 years, Property Virgins television host and author of Realty Check: Real Estate Secrets for First-Time Canadian Home Buyers. She has focused her career on achieving the best possible outcome for her clients
To own or to rent, that is the question. Rebecca Brayton: Hi, I’m Rebecca Brayton and welcome to watchmojo.com and today we will be speaking with Sandra Rinomato host of HGTV’s Property Virgins to get the answer. A few years ago everyone was provided with the option to buy house and that is generally seen as the reason for the housing crisis, do you agree with this? Sandra Rinomato: Actually it’s a great time to buy houses now and everybody has the opportunity now, I think it’s kind of flip side because before houses were not affordable for a lot of people. So now with the softening of the market and the pendulums swinging from a sellers market to a buyers market, we see more opportunities for buyers. Mortgages are readily available, interest rates are very, very low, that’s wonderful for buyers because then the monthly expenses are going to be last. Maybe you can afford a bigger house and you could have afforded one interest rates or higher. Also, there’s inventory available so buyers actually choice now instead of feeling like “Oh I have to get this house, oh my gosh. If I don’t get this house then what am I going to do and it’s going in bidding war and multiple offers and I don’t have time for a home inspection.” So, it’s a much better climate for buyers essentially on a case by case situation, you can negotiate some great prices right now, so as long as you have a motivated salary and you’re a motivated buyer, that could be a great deal. Rebecca Brayton: Who should own and who should rent a home? Sandra Rinomato: Well, a lot of people are relocating to different cities or different countries, so I would recommend that they rent, to find out what sort of vibe the city has and where they want to be and what their needs are in this new city and what great school districts or what great dog parks. Whatever their needs are, so rent, rent for six months or a year if you can and figure it out by then and then purchase. That’s a great time to do it or if you’re blending families, you wanna try it out, maybe rent, but don’t rent really long term because I think you have a good opportunity to invest in real estate and build some equity that way.