By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
June 24, 2103 | © All rights reserved
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[caption id="attachment_3255" align="alignleft" width="341"] Toronto, Vaughan & Thornhill couples have 5 questions to ask themselves.[/caption]
Should we rent or is it time to Buy?
Getting married is one of the most exciting times in a person’s life. The first year is full of ‘firsts’, including your first home together as a married couple. It seems as though everyone in Toronto, Vaughan and Thornhill is getting married, and with that comes the question, “Where are we going to live?” Deciding whether to buy or rent a home will depend on a number of factors.
Here are 5 questions to ask prior to making a decision of whether it’s best to Rent or Buy.#1
Where will we be in the next 5 years? Lifestyle factors like school, careers and family are generally the biggest contributing factors when answering this question. If you plan on many changes in the next 5 years, perhaps it may be best for you to rent – certainly if you don’t plan on staying in a home longer than 2 years. Buying a home in Toronto, Vaughan or Thornhill as an investment is a great way to build your wealth, but having to prematurely sell it could leave you paying more than you should, quickly depleting any appreciation in value the home may have gained.#2
How is our credit? By now you both should have already discussed what debt you may be coming into the marriage with. By doing this, you should have a good understanding of where you both stand when it comes to your credit bureau (your credit report and score). There are some great incentives and tax benefits with home ownership. Home owners with a mortgage can deduct the mortgage interest paid as well as the property taxes every year.#3

#4
What’s the market like in Toronto, Vaughan or Thornhill? Although there are certainly many advantages to buying a home, you shouldn't take the buying process lightly. Buying for the short term is almost never recommended. I advise all my clients to purchase only if they see themselves in the home for 3 or more years, or if they at least plan to rent it out in the future as part of their wealth building investment portfolio. Market timing is important, but becomes less so when you plan to hold for the long term. A trusted Realtor will do the research required to help you make a sound decision. Always look back at what comparable homes have sold for on the same street and in the neighbourhood.#5

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