10 Reasons Why Having a Mortgage is Better Than Paying Rent

Are you looking to put down roots in Milton, ON, or the surrounding area? It’s got a real estate market that not only held steady but continued to grow in some sectors. That’s even during the pandemic!

Are you still weight up whether trying to get a Milton mortgage property is better than renting? We’re here to leave you in no doubt that it’s the right option! All you need is a friendly Milton mortgage broker by your side.

Let’s look at ten reasons why having a mortgage is better than paying rent.

1. Provides Stablility

When you’re renting a property, you’re always looking over your shoulder. Landlords can decide to sell the property or raise the rent. It’s not much fun always waiting for the other shoe to drop.

When you have a Milton mortgage, you have greater peace of mind. You can stay in the property as long as you keep paying the mortgage. You never have to move if you don’t want to!

Milton is a great location, situated right by Toronto and Mississauga. With this kind of enviable Ontario spot, it’s likely you may never want to move!

2. You Call the Shots

Do you want to paint your kitchen lime green? Or carpet your living room with a thick orange shag pile? Please don’t, but if you want to, you can!

When you have your own home, when it comes to decor the choice is yours. No need to keep asking your landlord for permission for every little thing. As long as it’s in keeping with local laws, you are a free agent!

This can be liberating if you’ve been in rented accommodation for a while. It gives you a chance to put your stamp on a place, and truly feel at home.

3. Not Just a Home, It’s an Investment

When it comes to financial investments, few things are predictable. But having said that, the housing market has generally been a more reliable investment than most. House prices tend to rise year on year, but of course, not always.

The great news for homeowners is that they can build equity in their property. The longer you pay your mortgage, the more of the mortgage principal you pay off. In the first few years, you tend to pay mostly interest.

For first-time homeowners, this may allow them to purchase a larger, family property a few years down the line.

If you rent, any equity built up is at the landlord’s disposal. They may choose to cash in on this increase at any point, leaving you high and dry.

4. A Milton Mortgage Could Be Cheaper

This is not certain, but in some cases, your mortgage repayments could be lower than rent. This depends on your personal circumstances, including the size of downpayment you can make on the property. 

Talk to a Milton mortgage broker about your options. Remember, the cheapest mortgage may not always be the best for you. Talk to the experts and get advice on which mortgage will help you to achieve your goals.

5. Easy Investment

One of the great things about investing in a home is that it is a long-term investment. You don’t need to worry about stock and shares. Even when there is a real estate boom or bust, you can generally stay and ride it out.

The fact is as long as you keep up with the mortgage repayments, you will have a tangible asset at the end of the mortgage term. Plus, until that point, it provides a roof over your head!

6. Can Lower Future Living Expenses

If you stick with it and pay off your mortgage in full, you’re setting yourself up for lower living expenses in the future. In Canada, mortgage terms are often 5 years or more. The amortization period may be 25 years or occasionally more.

This may sound like a really long time when you’re in your twenties. But the years will pass by quickly. You could find yourself with a rent-free, mortgage-free home in your fifties. 

7. Gives You the Option to Rent Out

Depending on the type of mortgage you get, you are not necessarily committed to living in the property for years to come. Some mortgages give you the option to rent the property out.

That’s perfect if you’d like to earn some passive income, or at least cover expenses, while you travel or are away for some other reason.

8. Chance to Get a Fixer Upper

Unlike a rental which needs to meet reasonable standards, buying a home with a mortage gives you a unique investment opportunity. You can buy a fixer upper and renovate it.

You can go two ways with this. Either renovate it for yourself and move in. Or renovate it with a view to mass market appeal and sell it now or in the short term.

Either way, it’s a chance to snag yourself a deal you couldn’t get by renting.

9. Rent Out a Room

Need a little spare cash? Looking for company? Whether you buy a property alone or not, there are lots of great reasons to rent out a spare room.

With a rental property, this might not be possible. The likelihood is that both would need to be on the rental agreement. But with a property you own, you have the flexibility to generate some extra income. 

10. Take Advantage of Government Incentives

The government of Canada has schemes in place to encourage home ownership. First time homeowners and others can take advantage of incentives and rebates.

Talk to Milton Mortgage Brokers Today!

Well, what do you think? Are you ready to apply for a Milton mortgage and enjoy the benefits of owning your own home? Clearly, it’s a big decision and that’s why you need the help of a Milton mortgage broker.

At Mortgage Winners, our Milton mortgage brokers are always happy to talk mortgages! We have a strong track record in finding mortgage solutions that work for our clients. 

Schedule a call or live chat with us today, so we can get you on the road to homeownership!