Are you looking to rent a property in Mississauga? Read this first…
Hello! You are reading this newsletter as you might currently be renting, and/ or looking to rent in Mississauga.
There is a common myth that it is cheaper to rent than to own a house. Sometimes renters believe that prices may fall soon, and so buying in the current market does not make sense.
Well, it's time to take a closer look at what the numbers are telling us!
The overall market is very stable and the future looks good for our local market, in my opinion. The GTA condo apartment market did soften a bit in 2013, but when you look at the long-term savings, buying definitely makes sense.
"Should you rent or buy?"
Well, look at the numbers and take an informed decision!
At the end of the day, it is your money!
We want to save more for down payment myth!
Many tenants plan to save more before venturing into buying. Sure it makes sense to pay down more when it comes to buying, as a smaller mortgage loan translates into lower monthly payments. But it might not make sense if property prices keep moving up faster than one can save.
Plus, it is very hard for most people to keep themselves on track. Sometimes other things like a family holiday, personal shopping or other luxuries might eat into savings for a home. No wonder why some tenants stay as tenants forever!
What type of property to buy?
You might know what you want, but you may also want to know what else could fit in your budget. Advice from friends and relatives does not suffice. A beautiful freehold property (detached home, semi-detached home, freehold townhouse) may be desirable for many, because it means independent living.
On the other hand, some may prefer to own a luxury condominium. Even in this category, you have a choice between gorgeous high-rise condo apartments and executive townhouses.
To further add to the mix, you have a choice between new, resale and pre-construction properties.
Sometimes, buying a lesser expensive smaller property like a condo apartment may not be on top of your list. But when you look at the numbers, it may not make sense to throw away your money on renting, when you can buy something small to begin with, and save up for your ideal home ultimately.
Your equity increases as the mortgage is paid down. This equity represents the potential down payment for your next property.
If you have saved enough down payment (5% is the minimum that the banks require these days), then buying a townhouse, a semi or detached can also be possible!
What are REALTOR® costs?
REALTORS® bring buyers great value, for free, well in most cases! Home buyers do not pay any commission in a real estate transaction in most cases. The seller usually pays real estate commission to the buyer’s brokerage through his/her listing brokerage, or sometimes directly to the buyer's brokerage.
What government incentives are available for buyers?
Did you know that there are many government incentives and rebates for first time buyers in Ontario? These include:
- RRSP Home buyers plan
- Ontario Land transfer tax rebate for first time buyers
- GST/HST rebate for new home buyers
- First time buyer tax credit
Is this the year you will move from being a tenant to an owner?
The answer lies in your determination.
Does all of this information overwhelm you? Relax, don’t worry! Whether you want to buy now, or in the near future, I invite you to attend a first-time buyer educational session at my Mississauga office.
Finding your ideal home is a process in itself, one that takes time. I suggest you call me at 905-339-5111 and visit my local SQ One office, and I will walk you through the basic home buying steps.
My local experience will help you determine which buildings or neighborhoods are good, and which ones you should stay away from.
I can also put you in touch with projects that are under construction and help you secure VIP prices.
I can show you options, based on your budget and mortgage approval. I will help you make an informed decision by breaking down your monthly real estate expenses, including: mortgage, property taxes, condo fees (for condos), maintenance expenses, utility costs etc.
As an experienced REALTOR® I know many Mississauga neighbourhoods and surrounding areas (Milton, Oakville, Brampton and Burlington), and I can be of assistance in making your home buying process easy and enjoyable.
SPECIAL PROMOTION FOR YOU!
One of the top five Canadian banks that I work with is offering my buyers a limited time incentive that will pay for your house inspection for an amount of up to $500, plus also get you a five-month free home warranty on items such as: central A/C, furnace, plumbing and electrical, when you take a 5-year variable or fixed rate mortgage with them. That’s a lot of savings!
Plus, I will take care of helping you to come out of your lease agreement, should there be a need to break your lease with your current landlord, when you buy your home or condo with me.
Download above blog post, Amit-Kalia-Newsletter-Sep-2013
