As Barrie real estate agents, this is one of the most common questions that we hear. Most people are wondering whether they are flushing their rent money down the toilet every month while they could be building up equity on a home for the same price. The truth is that renting is a complete waste of money, and depending on the location, you may be paying as much rent as you would be on a mortgage.Can you afford to own your own home in Barrie?

Inside Barrie

If you are currently renting a house or an apartment that is conveniently located to shopping, public transit or near Barrie’s desirable downtown core, you are probably paying an astronomical amount of rent every month. Somebody else is making money off of your rent check every month. Somebody else owns this property and they are using your rent money to help pay off the mortgage on it or the mortgage has already been paid off and they are enjoying pure profit. When you think about it this way, it isn’t very pretty is it?

If you enjoy the convenience of living in these areas, you are probably paying less for rent then you would be for the mortgage of a house in Barrie. If, however, you were willing to look at homes just outside of the city, or in an area that doesn’t have as many nearby conveniences, you could very well be looking at a mortgage payment that is the same or lower than the rent you are currently paying now.

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