Rent or Buy Toronto Real Estate?
Did you know 88% of homeowners indicated that owning a home has been a positive experience according to a survey of the National Association of Realtors®? Did you also know that only 51% of renters can say the same thing? Seems to be more in favor of owning a home than buying?
Let’s take a look at some of the positive reasons for owning your home vs. renting.
1. You are building equity in YOUR home as the value increases and you pay off the mortgage.
2. You are adding to your personal NET WORTH and not throwing your money away on rent (or paying someone else’s mortgage).
3. If you rent you have zero financial return on the money you pay for rent as you will never see it again.
4. You can add value to your home by doing renovations and improvements to it
5. You control your mortgage payments, can have prepayment options, make extra payments and can even change the payment frequency and amounts if you so choose.
6. You have Pride of Ownership! This is your house and you have freedom and independence from renting, answering to a landlord and just not being able to do what you want with the space.
7. You have a mortgage but this is considered Good Debt!
8. Owning a home today is more affordable than ever! Interest rates are at an all time low. If you are considering buying a home it would be advisable to lock in with a pre-approval sooner rather than later. If the rates go up you are protected and if they go down you are still protected. It’s definately a win-win!
Questions? Comments? There is no better time than now to take advantage of the opportunities available for home buyers. Please don’t hesitate to contact me or download a Free Buyer’s Report on all the steps involved in purchasing a home. I just love working with buyers who know it’s time for home ownership!