Renting vs Buying in Mississauga

March 13, 2013 - Updated: March 13, 2013

 

Should You Be Renting or Buying Mississauga Homes?

If Shakespeare were still around he would definitely say "To rent or buy – that is the question" and if you are struggling with renting or buying Mississauga homes here are a few things to help clarify some things for you. Buying a home has become a goal for many Canadians that they work hard to attain for many years - and rightly so.

 

Anyone that is currently in the rental market knows that every month their hard-earned money is simply helping another landlord get rich. The money that you send to the owner of the building gets put back into the mortgage so that he can end up gaining more equity on the property. While the landlord certainly has his share of difficulties to deal with, he is making money in the process and it's your money that you're handing to him to help him get rich!

 

How to get out of the rental market faster

It can be tough trying to save money for a down payment while at the same time having to pay your rent every month. If you're serious about owning your own property, however, it's time to really take a look at things as they are and see what you can do about it. Some people end up taking on a roommate to reduce their rental costs significantly or may even downsize in the rental unit so that more savings can be obtained.

 

Others look for a second job in order to speed up the process. If you knew that within a year's time you could take your monthly rental payments and put them into your own home instead to start building up your own equity, the second job would definitely feel more palpable.

 

It really doesn't take long to put the money together for a down payment once you get focused on saving money, put a determined plan together and then make sure that you see it through to the end. Real estate in Canada has long been and will continue to be one of the most secure investments for the future and along with this security you also get to enjoy the full benefits and freedom that come with owning your own property.


Tagged with: renting in mississauga buying real estate in mississsauga mississauga homes qualifying for mortgage
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