Owning a home is every family’s dream come true, although it could be a dream that might never come true if they don’t plan accordingly. This is because it could seem like a costly investment, and yet in this life we always feel as if we have a shortage of funds. There are many sources of funding that we could all turn to when we want to finance our homes, but that is a topic that we will discuss another day. In today’s topic, we are going to discuss rent versus buying a house, and what is right for you.
The Advantages of Renting a Home
- Minimal Maintenance Hassles and Expenses – when you’re renting a home, the maintenance costs of the house usually go to the owner of the property. it is time to call your landlord when things go south.
- One Easy and Predictable Payment – owning a home is tricky because you get to pay more than mortgages. In this case you factor in things like property taxes, maintenance, condo fees, water and sewage bills for houses, utilities, home insurance, and many more.
- Not happy with your neighborhood? When you’re renting a house, you have the option of moving to new locations as often as you want. This works best for those with a short horizon or commitment, since owning a home reaps benefits over time.
- It’s cheaper to move when you’re renting, since you won’t have to think about things like land transfer taxes when buying, commissions when selling and legal expenses for both.
- Sometimes it’s cheaper to rent, since the monthly expenses will be lower.
The Advantages of Owning a Home
- You don’t get to pay someone else’s mortgage, and especially since part of every mortgage payment goes towards building equity, some sort of a forced savings program.
- The math: You get to benefit when the property prices escalate, and when they start shooting down, you can opt to sell.
- If you’re thinking of living in downtown Toronto, it could be cheaper to buy than rent, since the rental market there isn’t cheap.
- You have the freedom to do whatever you want with your home, without asking for permission from anyone.
The Well Condos
If you’re looking to invest in a house in Toronto, it would be a good idea to plan ahead. One good idea would be to buy into the Well Condos, a new mixed place community that is located in the Wellington Place neighborhood. It will comprise of 7 high-rise buildings, six of which will be residential units. There will be a total of 1,537 residential units consisting of 835 one-bedroom units, 534 two-bedroom units, and 168 three-bedroom units. the retail floor space will have a total of 503,579 square feet, and more than 1,000,000 square feet of office floor space. The condos are within reach of the major amenities such as highways and entertainment establishments.
If you’re looking to purchase a house in Toronto, you might want to consider being amongst the first to buy at the Well condos. This will give you more options to choose from.