Landlord Squeezing You for Yet Another Rent Increase? It's Time to Buy a Starter Home

Have you received your annual notice regarding the rising rent? In case you have, you will be joining millions of renters who are giving up a lot of their income to higher rents. What makes the deal worse is the fact that each dollar that you spend on rent is a dollar that you are neither saving or investing. In case you are beginning to feel the pressures of higher rents, we recommend purchasing your first starter home.

Comparing Rent With A Mortgage

Did you ever take a few moments to learn about the difference between your rent and a mortgage payment? We have an easy exercise for you. Multiply your each month’s rent by twelve, and multiply that specific number by 25. Let us say your rent is $1000 each month, which is $12,000 per year and $300,000 over a span of 25 years. Thus, if you do not change anything from today you would still be able to pay up a $300,000 mortgage.

Homes Are More Affordable Than You Think

Several first-time home buyers believe that they cannot afford to enter the market. However, this is not true at all. There are several homes available that align with essentially every budget or price range. Moreover, it is more crucial to consider the location, size, as well as local amenities when compared to the costs.  

Note that when you purchase a house, you aren't merely chained to a rental contract. Instead, you are placing money in a home and with time, properties tend to gain in value. 

A Few Other Considerations

Needless to say, there are a few considerations that you must make as you initiate your journey towards homeownership. Firstly, your mortgage will not be your only monthly expense. Moreover, you will also find property and other taxes, utility fees and homeowners' association fees, and more in the form of expenses. You are also supposed to handle maintenance and upkeep as the homeowner. On the other hand, you have the liberty of personalizing and renovating your home.

In conclusion, you can always get away from the problem of rental trap. If you are ready to build your future through making investments in your first home, get in touch with us. Our experienced real estate team will be glad to showcase beautiful local starter home alternatives matching your needs and budget.

+ (877) 824-2747 

info@charissarealty.ca