Stop Renting and Start Buying in Mississauga
Wednesday Aug 10th, 2022
As a potential new homeowner, it can be overwhelming to figure out if you should stop renting and buy a new home. If you've reached this crossroads, here are five reasons you should consider buying real estate.
When you are a tenant, your monthly rent payment goes towards the landlord's mortgage and helps them build equity – not you. Home equity is the difference between your home's value and mortgage balance, so the more you pay towards the loan, the more equity you have in your home. You can use this equity to build your real estate portfolio, complete renovations, pay down debt or achieve other goals. Unfortunately, this freedom isn't possible when renting.
When you are a tenant, your landlord may choose to increase the rent payments or decide to move back into the property, leaving you scrambling for a new lease. Owning a home is a more stable option because it is yours and yours alone. Getting a fixed-term mortgage will allow you to budget accurately and control your ownership expenditures and costs.
Owning a home means you have the freedom to decorate, renovate or improve the property any way you want without needing a landlord's permission. If you choose to lease the basement for extra income, you are free to do so. As a homeowner, you can also keep pets, which isn't always possible as a tenant.
Living in a rental can mean less privacy, especially if there are other tenants to contend with, like in a multi-family dwelling or apartment building. You may also have to deal with maintenance visits that are more convenient with your landlord's schedule than your own. When you own a house, you can cater to your privacy needs.
Buying a home is a substantial financial commitment, but it has many added benefits. To see how you can start building equity, feel more stable and enjoy the freedom and privacy you desire, contact Deborah Clerk, Real Estate Sales Representative, ASA with Keller Williams Real Estate Associates, Brokerage in Mississauga, at (416) 729-4025 to learn more.