Why Stop Renting & Start Owning

This is a decision which many people face, and the decision is not as easy to make as it may sound.

As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property values, can be a rapid and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the opportunity to invest in other opportunities.

To give you example:

Someone renting for a period of 10 Years paying as below:

  • Rent All Inclusive = $1200/Month
  • Rent Increase = Only 2%/Year
  • Assume you are paying no other cost.

Total cost you have paid over the 10 years period $157,675.98

On the other side, if you would have purchase a house with following obligations:

  • Purchase Price = $300,000 with 5% down payment
  • Mortgage Amount = 293,407.50
  • Annual Interest Rate = 3.70%
  • Amortization Period = 30 Years.
  • Utility Bills & Home Insurance cost = $250/Month = $3000/Year
  • Taxes = $3000/Year
  • Your Monthly Payment including all above expenses = $1850.50
  • Total Money Paid over the 10 years period $222,060.00
  • With only 2% appreciation, Home Value at Expected Selling Date: $358,527.77
  • Less Original Down Payment $15,000.00
  • Less Loan Balance $200,557.10
  • Less Selling Costs $17,926.39
 

Total Home Gain $125,044.28 – Money you would have never had without home ownership

Be wise with your money, renting is only benefiting your Landlord, as you are paying his Mortgage. All your hard earned money is down the drain. Sooner you come out of it, is better for you and your family.

Take advantage of our VIP Buyer Program Today. You will find it to be the best decision you ever made. Complete the form below or Call us now @ 416-738-7331 to get set up a no obligation consultation.

 

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