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Mississauga Home Buying Tips

March 20, 2013

 

Mississauga Home Buying Tips for Singles

If you're single and house hunting, here are some Mississauga home buying tips that will help you find the perfect property. More and more singles are looking for homes in the Mississauga area in both the condo and the single-family housing market. Buying versus renting makes a lot of sense when you consider that rents are running between $1000 to $1500 and up in the Toronto and Mississauga area. For this price you could take out a $250,000 mortgage, pay the same amount in monthly payments and build up some equity for a nice future nest egg for yourself.

 

Tip #1

With interest rates so low, owning your own Mississauga home is quite affordable. Just make sure that you are purchasing something that you can comfortably afford so that you don't end up stressed with a high monthly payment that is too hard to keep up with.

 

Tip #2

In order to afford more home for your money you may want to consider borrowing funds from your RRSP. Using a new government program you'll be able to take out up to $25,000 that can be used for a down payment. There are rules to follow when borrowing this money that will affect the amount of income tax you have to pay, but even if you do have to pay some tax on the amount borrowed, you're still likely to come ahead when you consider the amount of mortgage interest you'll save by putting together a larger down payment.

 

Tip #3

What many people are doing these days is buying their own home and then renting out a room in it to help cover the mortgage costs. This is a wise future investment that makes a lot more sense than continually paying rent that only ends up making the landlord rich. Even if you don't need the help covering the mortgage payments, this extra side income obtained by renting out a room can be put towards extra mortgage payments to help you save on interest costs.

 

If you're a single that's considering a home purchase use these Mississauga home buying tips and get into the real estate game. With the high cost of renting these days, it's easy to come up with a solution that will help you get into the buyer’s market so that you can start building up your own equity instead of someone else’s.


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