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.


It all depends on the down payment

All of the figures that you will be working with to determine how much you will pay on a mortgage versus your rent will depend on how much the property is worth and the down payment you can pay. If you only have a small down payment to make and find an affordable starter home, you may end up paying less on a mortgage than you would be paying for rent.

If you are willing to move outside the city of Barrie into parts of Angus, or Innisfil or even find a home that needs some minor renovations, you’d be better off than you are if you are renting an apartment in many cases. As well, even if you do have to pay a slightly higher mortgage, you’ll at least know that your money is going towards eventually owning your own property. There is no better feeling than that.

If you would like help working out the figures on rental payments versus mortgage payments in Barrie, give The Hocking Homes Team a call at 705-252-7939 or email us at Team@HockingHomes.com. We have been able to help many tenants get into their own homes and start building a future that leads towards homeownership, and we’d love to do the same for you !

 

 

Filed under: Barrie Buyers informationBarrie Real EstateMortgage Information

Like this post? Subscribe to my RSS feed and get loads more!