When you are on a budget, especially in the big city as Toronto, you would like to save as much as possible to decrease your monthly expenditure. The most important thing to do when moving to a new place especially in an urban center like Toronto, is to find a place to live. In the city of Toronto, the options are endless for real estate. But the million dollar question is whether to buy a home or rent one out? The following may help to clear your mind on this:
Your money should be invested in a secure speculation instead of going away to your landlord
A handsome share of your pay slip goes away towards your rent which could go on to become a mortgage payment to your very own home. I do not want to sound pessimist, but all this money goes in vain. On the other hand, if this amount is invested in your own property, by the passage of time and in this market, it would yield you fruitful profit in the future.
The unexpected rise in the rent
Your rent could be raised after the lease is renewed as your landlord reserves the right to do so as per the Tenancy Laws. But au contraire, a monthly mortgage payment is fixed till you pay off the whole loan. So, having your own house brings you peace of mind along with financial security.
Maturity of the market value of your home
Your market value increases with the passage of time. Since the economy and the real estate market in Toronto are stable, it will continue to rise in the near future. This could do wonders for your investment and assure a bright future for you and your family. However, in case of being a tenant, it is just not possible.
Integrating with the local community
When you are for the long run, you become a part of your community. This strengthens your relations with the neighbors, bonds new friendships and playing your part in your locality. Having your own home always provides a healthy environment for children to grow-up, as they don’t have to move from one place to another very often.
The advantages of having to own a home surpasses the disadvantages by a very large margin. So, make the right the choice!
I read your blog it is really nice. Thanks for sharing information investment properties scarborough. We also provide commercial Real Estate listings services in Toronto at affordable prices.
ReplyDeleteThanks for sharing information Power of Sale Homes In Toronto .If you are considering buying a Power Of Sale, there are some important issues.First, there is a big misconception that because the property is “Under Power of Sale”, that the seller is selling under duress and will accept less than market value. Secondly, the Mortgagee will make no representations whatsoever as to the property and the inclusions…it is definitely “Buyer Beware”.
ReplyDelete