It can be frustrating to know that your monthly expense is gradually paying off someone else’s mortgage as a renter
The reality is that the amount you pay in rent is not generally less than the mortgage payment you would pay. Not only is your landlord paying nothing out of pocket for the home you live in, but they can also make a substantial profit off of you. The downside to renting is that you put your hard-earned money into a home you live in but have nothing to show for it.
Some people enjoy the flexibility of paying rent. They like knowing that they don’t have to make a long-term commitment to a property they don’t plan to spend the rest of their life in. However, this isn’t the case for many individuals. Many people get stuck in a renter’s rut, whether they’re hindered by difficult financial situations or intimidated by making such a large purchase. They feel as though there’s no possibility of ever owning their own home.
This report will show you how not to pay your landlord’s mortgage and own your own home.
When you rent a property, none of the money you put towards your rent builds you any equity. Buying a home can be a costly purchase initially, but as years go by and as you put more money into your home, its value can increase. Imagine you no longer have to pay parking fees, laundry fees, or any additional fees that may come with renting. While those costs seem minuscule in the grand scheme of things, they start to add up over time – especially if you rent the same property for a long time. It costs approximately $60-100 a month to rent a parking space in most cities in Canada. That adds up to $720-$1,200 a year! When you own your home, you’re saving that money every year.
Unfortunately, a landlord can ask you to move out of your property whenever they want. There’s never a 100% guarantee that you’ll always have a place to live. When you own a home, you have peace of mind knowing that your living situation is secure and in your control.
In most rental units, you can’t even hang a picture on the wall without consent from the property owner. You have the freedom to do whatever you want to your property when you own it.
Rent prices will continue to rise, and your landlord can increase your rent (within reason) if they choose to do so. When you have a fixed-rate mortgage, your payments are the same every month – no surprises.
When you rent, you’re essentially throwing away money every month. Property is considered an appreciating asset – meaning it can increase in value over time. When you invest money into a home that you own, there’s a strong possibility that you could sell it later on for significantly more money than you bought it for.
Deciding to stop paying rent and buy a home is a big decision, and it can be highly intimidating. Many people never take that step because they don’t know where or how to start.
Fill out the form on this page to access our free report “How to Stop Paying Rent and Own Your Own Home,” and learn how you can stop renting today – no matter your circumstances.