In Toronto, one of the primary choices of living is in a condominium. Now in most cases you will end up renting a condo, rather than buying one.
In this day and age it is more practical to buy a condo instead of renting one?
You might be asking yourself, what do I have to back up these claims?
With the high cost of renting a condo, it clearly does not make sense to do so anymore.
As you know (or maybe you didn’t) when you are paying your monthly rent, you are actually paying the landlord’s mortgage. What do you gain at the end of the lease? Nothing.
For the landlord, he/ she will be one step closer to paying off the property completely.
With interest rates at an all time low, it is time to forget about renting and move up into owning.
With incentives for First Time Home Buyers, it is practical to want to buy and own your own Toronto condo. This is the first step to your dream condo.
With renting a condo, your rent will include not only the mortgage, but the maintenance fees as well. You will sign a lease for at least 1 year and at the end of that year you might leave the condo and move on.
What would you have really gained from your stay their?
You walk away with nothing but your personal belongings. Whereas if you moved into a house you have bought, and decided to move you can sell your house for the money you used to buy it. This can hopefully help you move on up into a better home.
With renting a condo, you can be subjected to increases in your rent payments, while if you own the condo your mortgage payments are fixed.
You will not have to worry about pleasing the landlord anymore, seeing as the landlord will be yourself. You can live how you want to, without worrying what anyone might say.
Another point to consider is that when you own the condo, and have to move due to unforeseen reasons, you have the option of renting your condo to help ease the stress of the mortgage payments.
Keeping this in mind, I hope you take your time when deciding whether to own or rent a condo.
James Metcalfe is a Sales Representative with Royal LePage R.E.S/ Johnston & Daniel Division. James is a regular contributor to the Muddy York Toronto Real Estate Blog. Jame’s website is located at www.ourhometoronto.com.
