Depending on your age and lifestyle, many people prefer to rent an apartment or condo because they plan to move to another city or country in the near future, while others prefer to rent because they don’t want to commit to a mortgage.
In the long run, though, monthly rental costs can add up, as rental prices are always on the rise. Here at Northwood Mortgage™, we encourage you to consider buying a home, as it comes with a handful of benefits that you don’t get from renting. Let’s take a closer look at the top 5 reasons why you should stop renting and buy a house instead.
1. Own a House You Can Decorate
Once you own a house, along with decorating it any way you want, you can plan to do upgrades or home renovations. For instance, if you’ve always wanted to paint the walls with your favourite colour or upgrade your bathroom or kitchen, you can do so without having to ask the permission of your landlord.
2. Build Home Equity
Every time you pay your monthly mortgage, you build your own home equity. When you continue to rent, you pay your landlord’s home equity. This may not seem like a big deal now, but when you buy a house, you can reap the benefits with your home equity. For instance, taking out your home equity can assist family members with healthcare costs, or you can put it towards paying off high-interest credit cards. To learn more about home equity, we suggest you speak with a mortgage broker.
3. More Space for Family
If you’re planning to have a family, then renting an apartment or condo might not seem feasible, as you’ll have limited space. The best advantage of buying a home when you have a family is that you get more interior space along with more bedrooms. Along with a bigger space for your family, you also get your own backyard, which is perfect for the kids to play in.
4. Stabilize Your Income
The disadvantage of renting is that at any given moment your landlord can increase your rent, and this means you have to pay more money for the same space. Moreover, paying higher rent affects your budget. When you buy a home in Canada, you don’t have to worry about a landlord raising your rent because you can get a mortgage on a 5-year fixed term and this helps with stabilizing your income.
5. More Privacy
Owning your own house means you’ll have full privacy. You won’t have to worry about your landlord’s monthly drop-ins, nor do you have to answer to anyone when you move furniture around. Having your own home gives you full autonomy to schedule maintenance visits, and you get to live privately without a house boss.
If you would like more information on buying your first home in Toronto or the GTA, we invite you to book a free consultation with one of our mortgage brokers in Toronto at Northwood Mortgage by calling 416-969-8130 or toll-free at 888-492-3690 or contact us here.