Advantages of Buying a Home Over Renting

There are two schools of thought on this, in this blog, we will dive deeper into which one will win & come out as the winner. Who are we kidding? We have a clear winner and the answer is in the title of this blog. It is always buying over renting real estate. Disclaimer: It is a highly personal choice to choose renting or buying in the world in general. We are only discussing why it is beneficial to buy in Canada rather than renting. Excited? These 10 facts will make you hit the search button for House for Sale Toronto right away.

There has been an average of 10% increase in rent along the GTA (rental.ca report) The average cost of buying a condo in Toronto is 700,000 dollars for a two-bedroom.

1.      Low-Interest rates of home loans as compared to other types of loan

2.      We get tac deductions on loan amount

3.      After you’ve paid off the loan it becomes an asset for you

4.      It appreciates as land & building are not subject to depreciation

5.      Buying a house will offer you stability in life if that’s what you’re chasing

6.      Buying a house puts us on an emotional high especially if it is your long chased dream

7.      It can be shared by a no. of generations within a family

8.      The Canadian government offers incentives to people who buy real estate

9.      It provides for a stable income if you rent the property out

10.   The home prices are growing year on year so buying now is the best decision

Still not convinced yet? Let us crunch some numbers and show you how buying is better than renting. We have 2 people – A (bought a house) & B (renting a similar house) Now, A’s annual expenses will be approx. $3000 and B is paying $2500. In 3-4 years, A will be spending the same amount on the house while owning it but B will have to shell out more money as rents keep increasing year on year. We recommend all home buyers to do extensive research before making up their mind about renting or buying a house and we are here to help be it Estimate property value or finding you the best deals in a locality.

Visit: https://savemax.com/ to know the best deals we have in Toronto.