Should You Buy, Sell, or Rent? How to Decide What’s Right for You

If you’ve been going back and forth in your head asking yourself:

“Should I buy?”
“Should I sell?”
“Or should I just keep renting for now?”

You’re not alone. This is one of the most common questions I hear — and honestly, it’s a smart one to ask.

The right answer isn’t the same for everyone. It depends on your life, your finances, your goals, and your timing. So let’s break this down in a simple, real-life way.

Option 1: Buying a Home

Buying can be an amazing move — but only if it fits your situation.

👍 Pros of Buying:

• You’re building equity instead of paying someone else’s mortgage

• Your monthly payment is often similar to or less than rent

• You get stability (no landlord selling, no surprise move)

• You can renovate, decorate, and truly make it yours

• Over time, real estate in areas like Port Alberni and Vancouver Island has historically grown in value

👎 Cons of Buying:

• You need a down payment and closing costs

• You’re responsible for repairs and maintenance

• It’s not ideal if you plan to move again very soon

🏡 Buying might be right for you if:

• You plan to stay put for at least 2–3+ years

• You’re tired of rent increases or uncertainty

• You want stability or to start building long-term wealth

• You’re ready for a place that feels like home, not temporary housing

Real-life example:
A couple currently paying $2,000/month in rent could often own something around that same payment — except now, a portion of that money is going back into their own future instead of a landlord’s.

Option 2: Selling Your Home

Sometimes selling isn’t just about the house — it’s about a life change.

👍 Pros of Selling:

• You can unlock equity you’ve built up

• You may be able to upgrade, downsize, or relocate

• You can reduce stress, maintenance, or monthly costs

• In many cases, you can walk away with a solid chunk of cash

👎 Cons of Selling:

• You still need to figure out where you’re going next

• There are moving costs and transaction costs

• Emotional attachment can make it a tough decision

🏠 Selling might be right for you if:

• Your home no longer fits your lifestyle

• You want to reduce expenses or workload

• You’re sitting on a lot of equity and want to use it strategically

• You’re planning a move, separation, downsizing, or life change

Real-life example:
I see many people in Port Alberni sitting on homes they bought years ago that have gone up significantly in value — but they don’t realize how many new options that equity could open up for them.

Option 3: Renting

Renting is not “bad” or “failing.” Sometimes it’s the right move for the right season.

👍 Pros of Renting:

• Flexibility — easier to move if life changes

• No repair or maintenance costs

• Lower upfront costs

• Less responsibility and stress

👎 Cons of Renting:

• Your rent can increase

• You’re not building equity

• You’re limited in what you can change or personalize

• You’re paying for someone else’s investment, not your own

🏢 Renting might be right for you if:

• You’re planning to move soon

• You’re rebuilding credit or saving for a down payment

• Your life situation is changing (new job, separation, relocation, etc.)

• You’re not ready for the responsibility of ownership yet

Real-life example:
Someone who just moved to the area or is going through a transition might rent for a year to get their bearings — and that can be a very smart, intentional choice.

The Truth Most People Don’t Realize

You don’t have to have this all figured out on your own.

Sometimes the best first step isn’t deciding — it’s looking at the numbers and the options.

I often show people:

• What buying would actually cost monthly

• What selling would actually put in their pocket

• What their real options look like — not just what they assume they are

And very often, people are surprised by what is possible.

So… What Should You Do?

The honest answer is: it depends on your goals, your finances, and your timeline.

There is no one-size-fits-all answer — but there is a smart, informed answer for you.

Let’s Figure It Out Together

If you’re on the fence about whether you should buy, sell, or rent, I’m always happy to walk through your situation with you and help you map out the smartest plan — even if that plan is “not yet.”

No pressure. No obligation. Just clarity.

Nicole Dabney
Real Broker
Port Alberni & Vancouver Island