Rent or Buy in Square One - What's right for you?

By: Zivasa Brokerage

Rent or Buy in Square One - What's right for you?

Tags: New houses for sale Mississauga, Real Estate Agent Mississauga, New Listings Mississauga, Square One Homes, Square One Condos

Choosing between renting or buying your first house or condo in Square One might be challenging. As a renter or first-time homebuyer, you may believe that renting a home is less expensive than buying one for the first few years. However, some experts advise if you're capable, you should buy because you'll build equity rather than put money into something you won’t own. Hiring a skilled local real estate agent would be the best approach when deciding, no one knows the market conditions better than they do.


Advantages of buying a house or condo in Square One

For example: if you had bought a home in May 2020 for $800,000, as of May 2021, the present home rate would be $1,072,000. In a matter of 1 year, you could have earned $272,000 in equity, tax free. This is something you cannot do when renting a property. Disclaimer: Please remember that past performance may not be indicative of future results. E & OE. Figures as per Mississauga MLS Data.


Disadvantages of buying a house or condo in Square One
 
Advantages of renting a house or condo in Square One
  Disclaimer: The price of a two-bedroom apartment in Square One costs on average $2600 per month, as of June 30th, 2021.


Disadvantages of renting a house or condo in Square One
 
As you can see, there are numerous advantages and disadvantages to consider when deciding whether to rent or purchase a home in the Square One area of Mississauga. In general, you should consider purchasing a home because it will allow you to create equity and give you the ability to make decisions about the property that comes with owning a home. 

Zivasa Realty Inc., Brokerage, can help you make this life-changing decision. They can debunk a few fallacies about renting vs. buying and show you a clear comparison of which is better because of their many years of experience. Contact Zivasa Realty today.