This is a very complex area to talk about as both sides have equal merits and demerits, we are not going to discuss the two in comparison but about what things to look at when you are moving from a rented home to your own home.
When we talk about home ownership, one thing is for sure that there are higher costs involved when your own it. There are property taxes, mortgage payments, utility bills, tear & wear maintenance, some unexpected hidden repair costs such as re-roofing. If you want to buy house in Brampton, you should also know that car insurance rates are on the higher side in this area of GTA. The home you are just going to buy may be looking extremely beautiful due to a highly overdone garden and lawn staging, and in the long run, you might be paying much more than expected to maintain the same level of look and feel. Also, the mortgage rates in Brampton that appear to be all time low might not be this low after 5 years term and you might be stuck with renewal at a much higher interest rate at that time. While you rent, its easy to move from one place to another if the nature of the job is dynamic and job is unstable, but once you buy your own home, moving becomes rather extremely difficult so one should also make sure that his job / work area will remain local or is comfortable if any such situation arises. Even if you plan to sell your home at that time, it may take some time to sell and moreover, there might be some mortgage penalty involved that may render profits earned from real estate boom to almost zero.
Just to make sure that when you are moving from Rent to your own home, make a careful consideration about all your aspects related to your the near future, thus getting a clearer picture of the affordability and future-proofing your investment. If you want any more info regarding your first time home buying tips and considerations, give us a call at 647-533-5000 and we will be happy to assist you.