What’s Right for You?

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On our website, we are trying our best to explain everything related to Real Estate to educate our clients. In this way, they can make their decisions easier and faster. The previous post was about Renting or Owning a Home. In this post, we would like to explain What’s Right for You? So, if you have any questions, please reply!

The Advantages of Owning a Home:

  • You’re paying your own mortgage instead of someone else’s. While part of every mortgage payment is interest paid to the bank, part of every mortgage payment goes towards building equity. Think of it as a forced savings program.
  • If property prices go up, you reap the rewards, not your landlord. Of course, that works in reverse too – if prices go down, the hit is to your pocketbook if you decide to sell.
  • Sometimes it’s cheaper to buy. Toronto’s rental market isn’t easy or cheap, especially if you’re looking to live downtown. If you have a decent-sized downpayment, it could be cheaper to own than to rent (on a monthly cash flow basis).
  • Freedom! When you own your home, you don’t have to ask permission to paint the walls or upgrade the floors – do as you wish! Buy new appliances, replace that carpet, paint that wall red and make your home your own.
  • Where else will you put your money? One of the reasons that so many investors make real estate a large part of their portfolio is that historically, Toronto real estate has been more predictable and yielded better returns than many of the investment alternatives. Of course, there aren’t any guarantees, but if you’re renting and blowing the rest of your money on lattes and trips to Cuba, buying will be a better long-term financial plan.

What’s Right for You?

BABAK MEHRABI, Real Estate Salesperson

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