Is buying a home the right move for you? It’s an incredibly tough decision, and probably the largest financial commitment you’ll make in your life. But don’t let that scare you off! Here’s why buying has some serious upsides:
Property, especially in up-and-coming areas like Etobicoke, usually increases dramatically in value over time. If you decide to sell, that return on investment can be a substantial sum.
When you own property, you can deduct your mortgage interest and property taxes, and if you sell, most of the money you’ll make back is tax free.
Owning in Full
Down the road, you’ll pay your mortgage off fully, which means no more monthly payments. With renting, this just isn’t the case.
When you rent a home, you can expect the rental payments to increase year by year as the community grows and improves. Buying in a neighbourhood on the rise has the opposite outcome: you can get property at a lower cost, and month by month as you pay off your mortgage, your cost of living decreases. Once you decide to sell, you can reap the benefits of the area and market appreciation.
As a renter, you’re essentially paying into the unit every month and will never realize any financial benefit. However, mortgage payments (even in cases where they are higher than the average rent) contribute to the ownership of that property. This is a fantastic investment in your future.
Making Your House a Home
Although every rental unit is different, it is unlikely that you’ll get to pick the fixtures and finishes installed in your unit. With new home ownership – the opposite is true. You can pick every colour, cabinet, countertop and appliance installed in your new home. This allows you the opportunity to design a space truly suited to your tastes and lifestyle – making the property not just a house, but a home.
New Home Warranty
All new homes and condos in Ontario come equipped with a comprehensive warranty backed by the Tarion Warranty Corporation. New owners can sleep soundly knowing that their new home or condo is built right utilizing the latest building materials and construction methods.
Queenscorp Can Help
Many of Queenscorp’s current developments are in areas that will only grow and increase in value over time. Additionally, our Customer Care program is comprehensive enough to make the complex process of purchasing and maintaining a home as easy as possible.
Although it can be scary to buy your first home, it’s never too late to invest in both yourself and your future.