By  Sarah Spegel |   | Posted in " October 2016 "

Professional Real Estate Agent Toronto Ontario

Photocredit to Jake Graham Photography. Follow him on Instagram @jakegrahamphoto and check out his website at www.jakegrahamphotography.ca

Have you ever tried to make a list of all the things you buy? Try now! It’s infinite. Food, clothes, TVs, tech gadgets, subway fare, gas, mouthwash, soap. Endless, right? Buy. Consume. Done!

I often wonder: if people buy most things, why do so many rent the roofs over their heads? I call it the Rent vs Buy Dilemma.

Renting is hassle-free and offers flexibility – but the real truth? Tenants still pay a mortgage – the landlord’s. Plus, they miss out on the secure investment of real estate. It begins with a 5% down payment on the mortgage and property taxes – maintenance fees for a condo – plus land transfer taxes and adjustments costs.

The property market can be unpredictable, but even if values don’t increase, it’s like having a BIG piggy bank. Owning is a forced saving. Every month builds equity for your mortgage – not the landlord’s.

Here are some tips…

  1. Obtain a pre-approval from a mortgage specialist. Mortgage rules have changed since October 17th so you may want to request an update.
  2. Withdraw up to $25,000 from an RRSP for first time home buyers.
  3. Find out the average annual increase in value and calculate the expenses. Online calculators are helpful.
  4. Call me to crunch the numbers for you!

Yes, mortgage rules have recently changed but buying is easier than you think!