Renting Vs Buying; which one scores over the other and why?
Toronto 2019: Owning a home is everyone’s dream, yet there are a few people who make this dream come true while many are left paying a hefty amount of their salary into monthly rents.
Is renting a home sheer waste of your hard earned money? Why do you need to pay the landlord’s mortgage when you can pay your own? If you’re renting, you are just throwing your money away. To all questions, trails a simple and straight answer. Practically speaking, ownership turns out to be a better option for the people in the long run of life.
Let’s start at the very beginning. When you rent, you are not squandering your money away, you and your family are getting a something very valuable in exchange for it; a roof to live under. This clearly means you are renting space for a certain period of time, which has no future value when your payment starts.
WHEN YOU BUY?
You are actually still renting, but instead of renting space, you are renting money, which primarily includes principal mortgage amount plus interest levied on it. Investing your money into an asset that is going to pay high dividends in your future transactions should be your prime motive to feel safe and secure under your own shelter.
Whether you buy or rent, there are two broad categories of factors you might take into consideration to make the best move in this regard.
The first and foremost thing to consider is the financial aspects of your decision. How much money do you have and which option is going to prove more propitious for you in the future? That said, we as an expert has no hesitation in saying that owning a house is a better pick which also involves personal and emotional factors.
Financial Assessment is important before you embark on
Make sure you have enough money and resources to purchase a home. Recheck your ability to make down payments which generally stands between 5 to 20% of the home’s purchase price and pay closing costs which may come to an additional 5%. It is to be noted that there is a reasonable likelihood of the abovementioned costs substantially exceeding the initial deposit and security you would be required to pay if you were renting. Additional costs would also include the amount of money required to cover the cost incurred at the start as you take up residence. From curtains, carpets to window coverings, new appliances to new furniture, from maintenance to miscellaneous expenditure, everything costs money. In such case, you may tend to get attracted to go for renting a house because of its easiness on your pocket but, do remember, in the case of ownership no cost lasts forever.
If your financial calculations are up to the mark and you are pretty much sure that you are going to make through the initial phase of spending more money in owning a house over renting, and survive the ongoing mortgage payment and interest, you will be in a more desirable and advantageous position, especially in financial terms as the years pass over.
Not only would you and family have your own roof to live in, but it would also make you financially stable and get rid of all those monthly rents pinching your overall expenditure you were bound to shell out with no other at hand.
We truly understand your problem of finding the right broker/brokerage helping you to find that beautiful home which not only fits into your budget but, also goes down perfectly well with your dreams of owning a classy home. So, it is very significant how you choose your realtor
WHAT WE CAN OFFER:-
We have different programs which may fit perfectly with your current situation and help you step into your first home. We soution to all your problems :-
1. Zero Down Program - No downpayment, don't worry, We can help!
2. First Time Home Buyer Incentive Program : Have some down payment, need some more to reduce your monthly mortgage? We can help!
3. Rent to Own Program : Have bad Credit Score, We can help!
4. 5% Mortgage Cash Back Program : Need immediate financial help for planned wedding,construction etc, We can help!
Let’s Find You The Perfect Home. We believe in giving real service to the customers. We assist in making good and trustworthy realtors. We work on the ethics of establishing lifelong relationships with clients, which cannot be bought or measured with money. Our fundamental principles hinge upon three pillars-honesty, sincerity and integrity. We endeavors in matchmaking rather than selling or buying. We believe in matchmaking of customer needs and dreams vis-a-vis realty with the reality. We welcome every aspirant who believes in impartiality and truthfulness. In the end, we would like to invite our valued clients to make a great beginning together for their dream home.