Many Canadians are poised with the dilemma of renting in the short-term or leaping into ownership. Conventional wisdom would say of course it’s better to invest in a property for the future. While that is true, many renters think holding off on buying a new home is a more economically sound decision. However, the perfect dream home in their head is likely getting snatched up quickly, and ones like it are only increasing in price and demand. Here are several immediate advantages of purchasing your home:
If you think your property can benefit from putting in a new garden, installing a new deck, or could use a new paint job – the decision is all yours. When it comes to repairs, you also don’t have to wait for the landlord to mosey over and take care of it.
2. Raising a Family
Especially for home buyers with young children, stability is everything. Homes are places made to foster great memories and create nostalgia over time. They are the backdrops of you children’s memories of you.
3. Financial Stability
Rental agreements don’t usually last for more than a year. Either does that ideal monthly rental price. Entering a fixed term mortgage rate will keep your payments predictable.
4. Investing in Your Future
Every dollar you spend to improve your home is only increasing the value of your home. In addition, every mortgage payment you make means that your home equity is also growing. Rather than paying a landlord and investing in their future every month, you are investing in your own.
The GTA is full of many great neighbourhoods, homes, and possibilities. Here are some reasons why it’s the right time to buy a Toronto home sooner, rather than later:
Reason #1 – The Greater Toronto Area is Growing Fast
Toronto is growing. That is one trend isn’t going to stop. In fact, the city of Toronto has projected that Toronto’s current population of over 2.6 million is bound to increase to 7.45 million in just over 20 years. When we start to think about where this increased population is going to live, purchasing property now becomes a better proposition.
Reason #2 – Deep Savings Are Out There
There are many undervalued properties on the market that are offering deep discounts. Whether it be a simple fixer-upper, a property with an owner who is eager-to-sell, or a fairly priced home in an up and coming neighbourhood, there are many great steals out there if you know where and how to look.
Reason #3 – Several Great Neighbourhoods
There are many great neighbourhoods in the GTA that will fit you and your families lifestyle. Richmond Hill, Markham, Vaughan and others all over the GTA are calling your name. Acting fast can make sure you get in the right neighbourhood, at the right time.
Reason #4 – Finding Flexible Sellers
Knowing how flexible a seller may be is a great way to end up with a great home, at an even greater price. Hiring the right agent to negotiate your price can save you thousands and thousands of dollars.
Reason #5 – Low Mortgage Payments
Mortgage rates are only bound to spike over time. This makes getting involved in a lower fixed-term mortgage payment structure now much better. Because they have never been lower, acting now can save you an exorbitant amount of money by waiting.
Finding Your GTA Real Estate Agent
Finding the best home usually is the bi-product of finding the right real estate agent. Your agent should be there to identify your needs, and use their knowledge of Toronto’s many neighbourhoods to find the perfect match.
Frank Leo has become the #1 individual real estate agent in Canada because of his expert insight into the Toronto housing market, combined with his passion for helping people move into their dream home. Contact Frank today to find the perfect home for you.