The True Cost of Homeownership Here in Mississauga
Have you been thinking about taking the next step and looking for a home here in Mississauga? If so, now's a great time to do it. There are plenty of Mississauga homes on the MLS® and new ones are being added daily. The interest rates are low and with the rising cost of rent it's best to put your best foot forward and buy a new home now so that you can start building equity up in it right away.
Things to factor into your Mississauga home purchase
There are a lot of things to be considered when you're looking at the cost of a home. There are utility bills, closing costs, moving expenses, repairs and other costs such as snow shoveling and landscaping that you may need to hire out.
It's important to look at the overall cost of owning a home and not just the mortgage payments. This will give you a real idea of whether you can afford owning a house or not.
It's not just about saving up for a down payment and then adding up the closing and moving costs. Taking a look at all of the various costs is something that a lot of people don't take into account before looking at a home and then when it comes down to making the final decision they can get scared off. When you know exactly what you're walking into, however, it makes things a lot easier and you're able to sign the purchase papers with full confidence.
Your rent is making your landlord rich
Who is your landlord anyway and why do you want to give him financial independence for his retirement anyway? When you own your own home the mortgage payments are quietly building up equity in your home that you can rely on for your retirement. When you look at the true cost of home ownership here in Mississauga, you'll need to keep the rent you're paying in mind when making your decision.
For example, if you're currently paying $1500 per month to rent a home and the total costs of having your own home would be about $2000 monthly, that's only a $500 difference in cost. Instead of throwing $1500 of your hard-earned money per month out the window, take a look at any possible solutions to raising $500 extra per month.
There are usually some little things that you can cut back on that will add an extra $500 to your income every month. If you're purchasing a coffee per day and paying $1.50 for it, that adds up to $45 per month spent on coffees. If you eat out once a week and spend $50 per outing that's a total of $200 being spent monthly on dining out. When you add up the coffee and the extra food money, you are almost at $250 per month that you can cut out of your monthly expenses already!
Really take a look at the cost of not owning your own home versus the price of owning one. Anything you can do to make yourself richer instead of your landlord will be a pro-survival decision that can change your entire life!