Why Should You Get a Calgary Mortgage Pre Approval Today?
There are many Calgary houses that make great rentals, but there are not many rentals that make great homes. A rental means you’re dealing with a landlord. It means constant inspections that judge whether or not you are taking proper care of their property. That doesn’t mean that your landlord isn’t nice. It just means that when you rent, you’re creating business for your landlord.
Your home is simply a business decision.
Instead of paying your landlord and filling up their pockets, a home that you own can begin filling up your pockets. Your monthly payments begin creating equity in your home that you can use for a number of additional benefits. Home ownership means building assets instead of contributing to the net worth of your landlord.
You Get No Financial Benefit From Renting
Let’s say that you need to move from your current rental. Let’s also say that you’re paying $1,000 per month for your current Calgary home. If you’ve been living in this rental for 2 years without a rent increase, then there’s a good chance that you won’t find a comparable rental home for the same price. You’ll likely be paying 25% more for your next home. That means you’ll be paying $1,250 per month.
Here is some simple math: your rent will go up from $12,000 per year to $15,000 per year. You will receive nothing in the way of long-term financial security for this expense. You’ll be paying your landlord every penny.
That doesn’t mean there aren’t some advantages to renting. If the water heater goes out, you don’t have to pay for it. Your landlord does. The reality, however, is that renters living in a world of uncertainty. Every contract renewal is a chance for a landlord to raise the rent.
What if you could take that same monthly rental payment and turn it into a mortgage payment that fills your pockets instead of your landlord’s pockets?
How much would that be worth to you?