Could Ownership be More Affordable Than Renting - Melanie Giray
Posted by Leif Olson on Thursday, July 21, 2022 at 2:32 PM By Leif Olson / July 21, 2022 Comment
Could the cost of home ownership be more affordable than the cost of renting?
You're going to want to hear the story.
Hello everyone. It's Melanie Giray with RE/MAX Affiliates and the Hamre Real Estate Team.
Now I was recently able to help my client the first time home buyer purchase a condo in downtown Ottawa.
Now, before putting together an offer, we did speak.
Our mortgage advisor, we work with the best mortgage professionals and we were able to break down what his monthly payments would look like.
So when purchasing a condo, your monthly payments include the condo fees, both the principle and the interest that you're paying on your mortgage as well as taxes.
So by factoring all of those together, we were able to conclude that his monthly, payment for purchasing this condo would be just over $2,000 per month.
Now yesterday I ran into my friend and she was telling me a little story.
So she was telling me that her boyfriend just signed a one year lease on a condo unit in central Ottawa for $2,100 a month.
Now, when you are renting, you are paying a hundred percent interest.
Let me explain.
All of the money that you are paying on rent is going straight to your landlord.
Now, when you own, you are building your wealth, you're building equity.
Your asset has the ability to appreciate over time. You will see that money come back to you in the future.
So if you're currently renting and buying has been on your mind, or you just want to chat through what your options may be, you know, what might you get preapproved for in today's market.
Send me a message let's connect.
I would love to look over the options with you or simply have, you know, a discussion about it.I hope everyone is having an amazing day. And I'll talk to you guys later. Bye now.
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