Should you rent in Mississauga or simply buy?
Well, look at the numbers and make an informed decision! At the end of the day, it is your money!
We want to save more for down payment myth!
Many tenants plan to save more before venturing into buying. Sure it makes sense to pay down more when it comes to buying, as a smaller mortgage loan translates into lower monthly payments. But it might not make sense if property prices keep moving up faster than one can save. Plus, it is very hard for most people to keep themselves on track. Sometimes other things like a family holiday, personal shopping or other luxuries might eat into savings for a home. No wonder why some tenants stay as tenants forever!
What type of property to buy?
You might know what you want, but you may also want to know what else could fit in your budget. Advice from friends and relatives does not suffice. A beautiful freehold property (detached home, semi-detached home, freehold townhouse) may be desirable for many, because it means independent living. On the other hand, some may prefer to own a luxury condominium. Even in this category, you have a choice between gorgeous high-rise condo apartments and executive townhouses.
To further add to the mix, you have a choice between new, resale and pre-construction properties in Mississauga. Sometimes, buying a less expensive smaller property like a Mississauga condo may not be on top of your list. But when you look at the numbers, it may not make sense to throw away your money on renting, when you can buy something small to begin with, and save up for buying your ideal home in the GTA.
Your equity increases as the mortgage is paid down. This equity represents the potential down payment for your next property. If you have saved enough down payment (5% is the minimum that the banks require), then buying a townhouse, a semi or detached can also be possible!
What are REALTOR® costs?
REALTORS® bring buyers great value, for free, well in most cases! Home buyers do not pay any commission in a real estate transaction in most cases. The seller usually pays real estate commission to the buyer’s brokerage through his/her listing brokerage, or sometimes directly to the buyer’s brokerage.
What government incentives are available for buyers?
Did you know that there are many government incentives and rebates for first time buyers in Ontario? These include:
- RRSP Home buyers plan
- Ontario Land transfer tax rebate for first time buyers
- GST/HST rebate for new home buyers
- First time buyer tax credit
Is this the year you will move from being a tenant to an owner?
The answer lies in your determination. Does all of this information overwhelm you? Relax, don’t worry! Whether you want to buy now, or in the near future, we invite you to attend a first-time buyer educational session at our Mississauga office.
Finding your ideal home is a process in itself, one that takes time. Fill out the form below and request for a FREE Home Buyer Consultation with our team at our SQ One office. We will walk you through the basic home buying steps. Our local experience will help you determine which buildings or neighborhoods are good, and which ones you should stay away from. We can also put you in touch with builder projects that are under construction and help you secure VIP prices. Why rent when you can buy?
Here is a useful tool to help you gain a better perspective on buying vs. renting:
Rent Vs. Buy Calculator