Don’t Rent Forever… Be A Homeowner!

More and more people are debating whether to buy or rent, the scales are tipping towards home ownership. Toronto mortgage brokers would encourage their future clients that buying is the way to go. The longer you make the decision to rent, the less likely you are to buy. If you decide to go after home ownership it will be a step towards your financial freedom. No one should want to rent forever. When you think of the basics whether in Toronto or anywhere else in the world renting means paying off someone else’s mortgage or otherwise giving them an income. If you buy your own home, you eventually gain an asset. Now that has to be worth something.

With the decline in home prices, low interest rates, and a huge selection of properties on the market, renters are realizing they could handle a Toronto mortgage for a just little more money than what they are paying in rent. Buying a home is one of the smartest financial decisions the average person will ever make. The cost of buying a home has proven to be close to the cost of renting a home in many cases. The housing slump in Toronto brought the buy versus rent equation much closer to where it was before the housing bubble forced the cost of home ownership far above rental costs. The drop in prices is appealing to many potential home buyers. In the past year home prices have dropped so much that the cost to own and maintain a house in many metro areas within Toronto is comparable to the cost of renting.

There comes a time in almost every renter’s life when they ask themselves will owning be better than renting? Deciding whether it's time to make the jump from renting to owning can be difficult but anything worth having is worth working for. Renters experience more wiggle room because they are not responsible for maintenance, taxes, or interest on their home, apartment, or condo. The lack of responsibly is tempting to anyone but these benefits are short lived. If you have been renting for years an experienced Toronto mortgage broker will probably inform you that it is time to take the next step into home ownership. If you are pondering the thought of home ownership here is three simple reasons why you should follow through on that thought.

?Owning is an investment. Each payment made on your house increases your investment. In the beginning you may own just 5-10% of your home however; fifteen years down the road you will have a solid investment worth money.
?You are actually a home owner. When you choose to buy a house and pay a mortgage you have decide to work towards a financial investment. When paying rent while you are dumping money into the investment of a landlord. A mortgage will stop eventually and you will own a home, while rent paid is money you will never see again and you will not own the home.
? Home ownership allows you to buy bigger and better. When you own a house you can use your investment to buy up when needed. No matter what the need to move up or move on owning a home gives you the money or at least the equity to do so.

By: AJ Cluett

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Trillium mortgage is your toronto investment mortgage broker who has been financing ontario mortgages for over 20 years. With access to well over 100 lenders. Even with bad credit she can get you financing anywhere in ontario whether it be first,second or third mortgages, renewals, refinancing and equity take out.