5 Reasons Why You Should Stop Renting and Buy a Condo Now
Buying a property of your own is always a dream come true. In a city like Toronto, owning a property today is a far cry from what it was a few years ago. Rising prices and interest rate hikes have eliminated many potential buyers from the race. However, the market is now stabilizing. New developments are on the rise as well, offering many incentives to buyers.
However, it is still too early to plan for price drops of any sort. Yet, buying a property can bring so many great advantages. The worst thing about renting is that it is always leaking money. Once paid, you don’t have any claim over the rent money. Calculate it on a yearly and five-yearly basis and you will see the amount jump up staggeringly. Here are the top reasons to buy a property and stop paying rent:
1: When You Want to Invest Your Money – Buying Is Best
Paying rent regularly is one of the biggest money leaks. If you do not have a luxurious income, paying rent every month will depreciate your savings fast. However, based on our experience buying a condo in Toronto in today’s market is one of the best ways to invest and safeguard your money.
Qualifying for a mortgage is getting tougher every year. However, if you have the savings to put down a bigger downpayment, it might still be achieved.
So, when you are looking to make an investment, buying a condo in Toronto is a great option. Compare that to renting where the rent money just skims off, and you know what to do.
2: Buying a Home Provides Stability
When you want to live a more stable life in the future, buying a home is a great option. With rental, you are never sure how much time you will be spending on the property. However, when you buy a condo in Toronto or the rest of the GTA, you will be able to plant your roots. With, homeowners develop a sense of security and stability naturally. Owning the property, you’d be more willing for attachments as well.
Also, buying a condo in Toronto will make future planning much more stable. Whether it is education for the future generation or establishing a business in the area, you will feel more stable when owning the property. It will be money well spent.
3: Buying a Home Enables You to Become Part of the Community
When you buy a condo in Toronto or any other property, you will become part of the community quite easily. Be more prepared to bond with other homeowners in the area. Also, condos are mini-communities in their own sense.
Also, buying a property will enable you to spend more time in the community as well. Living in your home for more time will develop bonds with the community members as well.
However, renters do have the flexibility to relocate rather easily. So, if you are someone who likes to switch homes frequently, buying a condo in Toronto might not be the perfect option for you.
4: Attractive Amenities on Offer When Buying a Condo in Toronto
Condos are some of the best options for people looking for added bonuses. Of course, there will be additional costs to pay as well. Usually, condo owners will pay a monthly maintenance fee to the condo management. This fee will bring many great benefits.
Condos will typically have an assortment of amenities, potentially including a gym, swimming pool, spa, steam room, sauna, sports center, cinema, and more. The maintenance fee you pay may cover costs varying from the type of building you live in.
When you look at it, all these amenities will have to be paid for separately if not available with the condo. This is what makes the option to buy a condo in Toronto all that more attractive. However, the other way to look at it is you will be paying a fee for many facilities you will never use.
5: Got a Steady Income – Buy Your Property Now
If you have landed a good job or have started to earn a steady income, book an appointment with your mortgage broker, to discuss about your mortgage qualifications. In addition, when buying a property, you would also be required to come up with a downpayment upfront. You can discuss more about this with your mortgage broker, as well.
In addition, buying a condo in Toronto has many costs attached to it. With some including, mortgage installments, property taxes, property insurance, and maintenance fee. Then, there are utility bills to be factored in as well. So, you need a steady income to take care of all expenses like these.
Sometimes, if you have a high amount saved, you can get away by paying a hefty downpayment/deposit. This will bring down the mortgage payment quite dramatically. In situations like this, a smaller income should be able to survive as well.
How Can Trust Condos Help?
Are you looking to work with experienced real estate agents in Toronto? Then you are in the right place. Our team has helped a variety of buyers/sellers throughout the GTA region for more than a decade. We have a large database of a variety of property types throughout the GTA. In addition to guiding you with our professional insights and experiences, helping you make the best decisions to maximize your investment.
Buyers should not think of buying the first property as a place to grow old. As, there are potential factors that could lead you to have to sell, whether you are looking to grow your investment or for other reasons. We will provide assistance in the future by helping to sell your property and invest in a bigger one when required. Our service will help acquire your dream property going forward. Call us today or fill out our form here on the website to find out more about new opportunities in Toronto and the rest of the GTA.