Home Buying - Renting vs. Home Ownership

Renting vs. home ownership - this is a decision many people face, and the decision is not as easy to make as it may sound. 

 

As a home owner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in Scarborough and east-end Toronto property values, can be a rapid and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the ability to invest in other opportunities.

 

When comparing home ownership to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on renting a property. Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.

 

You can use my handy rent versus buy calculator to get a better idea of the numbers. 

 

Tired of Renting? Do you want to own your own Scarborough home or condo?

If you're tired of renting and want to own your own Scarborough home or condo, please complete the form below to begin the process of finding your new home.  You will receive a prompt response!  As always, there is no cost or obligation.

 

I only collect personal information necessary to effectively market and sell the property of sellers, to assess, locate and qualify properties for buyers and to otherwise provide professional services to clients and customers.  I do not sell, trade, transfer, rent or exchange your personal information with anyone.