JohnI like renting home because i like vanilla walls and a patio slab where the back yard should be
It’s convenient to simply call maintenance when the water heater goes out. After all, as a home owner, you could install an energy-efficient new unit, enjoy limitless gallons of clean, temperature perfect water and it can pay for itself the first year.
You would prefer to make “rental payments” on that old unit that maintenance continues to patch.
Let’s hope you like your neighbors, because you share a wall with them and they can create a fuss when they don’t like your music. Never mind that notice pinned to your door that the complex has gone condo and you need to be out in 30 days.
Renting home is like paying the ante each hand to stay in the game yet folding your cards on the first round. You will walk away with empty pockets and nowhere to sit.
That said, which of the following two options would you choose?
A. The Renting Home for Now Option
In this scenario, you convince yourself that you are truly content to hop the Monopoly board of life, paying as you go to rest a moment before throwing the dice.
After all, you can save all that left over money and in about seven years, you might have the down payment for one of those converted condos.
B. Own Your Home Option
Or choose to own home where your family sleeps, apply that left over money to the kids’ college fund and put up a swing set or kick a soccer ball in your backyard.
Find Out How Much You Can Save While Owning Your Own Home
All tenants are invited for a Free Strategy Session, to learn if you have what it takes to be a proud home owner with in next 30—60 day.
We looks forward to help you become a proud home owner quicker by using your TIME and banks money efficiently. Take a look why mortgage brokers are your better choice.
F.A.Q.
FIRST TIME HOME BUYER PROGRAM
This federal government program aka Home Buyers Plan (HBP) allow first time home buyers to withdraw RRSP funds up to $25,000 once with out any income tax on it.
If both you and your spouse/ partner qualifies for this federal government program, you can each borrow up to $25,000.
As long as you or your partner have not owned a primary residence within last 5 years and you are buying this property to live in you may be qualified for home buyers plan (HBP).
YES, you have to pay the rrsp withdrawn under the home buyers plan as a first time home buyer.
As per the plan all first time home buyers should start paying the rrsp loan back from year two onwards.
In general 1/15th of the borrowed rrsp funds under home buyers plan should be paid off every year. Any unpaid amount will be taxed in year 15.
If you buying a primary residnece in Ontario you may qualify for a Land Transfer Tax rebate from provicial government. You may receive back up to $4,000 in taxes you paid when buying your first home in Ontario.
Yes Indeed!
If you are ready to buy your first home in Ontario Canada, You should speak to a mortgage expert who will take time to sit with you, evaluate your situation in detail, gather income and down payment documents and is willing to evaluate your credit details.
Being pre approved has become critical for all first time home buyers since Jan 01, 2018 when mortgage stress test was implemented. Everyone who has purchased a home in past or are first time home buyers has to pass the mortgage stress test.