Hello World! Welcome Friends! Sometimes, renting your home makes a lot more sense than homeownership. Homeownership can be a big financial gamble, especially with house prices as high as they are right now.
For decades, people have been told that their home is the biggest investment they’re going to make in their lives. Not many people borrow hundreds of thousands of dollars with a plan to repay it across 25 years for any other type of investment. In fact, leveraged investing is highly discouraged in everything except your home.
There are plenty of advantages to buying a home, such as:
- Security of tenure
- Equity that you can borrow against in the future
- A sense of pride and accomplishment
However, it also comes with the enormous cost of a mortgage and home repairs, and there have always been financial advisors who go against the grain and warn that buying a home is not a great investment. Renting can free up your money for investments in mutual funds, stocks, bonds, and other high-growth assets that can prepare you for retirement.
How to Rent the Perfect House in Etobicoke
#1 Determine Your Spatial Needs
The first step in the process should be determining how much space you really need. Etobicoke has a lot of housing options, from 1-bedroom condos to townhouses to single-detached homes, all of which you should be able to find for rent.
Even if you have a growing family, don’t overlook townhouses. They can offer as many bedrooms as a single-detached and provide some backyard space. The only downside is that they may not offer the same level of privacy.
#2 Determine Your Budget
Toronto is an expensive city, and while renting can be a more affordable option to homeownership, a larger place can still be a big financial burden. Depending on the neighborhood, a house in Etobicoke for rent can come at either a premium or a discount.
There are plenty of different neighbourhoods in Etobicoke, which stretches all the way from Lake Ontario to Steeles. Better access to the subway, GO transit, the 401, and the 427 can be more expensive, while there are also parts of the borough where cheap deals can be found.
#3 Get Your Application Ready
Once you start booking viewings, make sure you have everything that you’ll need for a rental application in Ontario. This typically includes:
- A letter of employment
- A copy of your photo ID
- Your credit history
- References from previous landlords
- Personal or professional references
When you have your application and deposit ready to go, you’re more likely to beat out the competition in a tight rental market. Make sure you get your dream home by coming prepared to viewings.
#4 Have First and Last Month’s Rent Ready
In Ontario, it’s common for landlords to ask for first and last month’s rent when you sign the lease. That can be a significant amount of money in today’s rental market. This is not a security deposit. The money will go toward rent.
If you provide cheques, you can expect the to be cashed right away – even last month’s rent. It will cover your final month of rent, even if that’s years away and your rent is much higher in the end.
Click the links below for any posts you have missed:
The Evolving Kitchen – Trends in Home Renovation Across the US
Logistics of Getting a Wood-Burning Fire in Your Home
Outdoor Furniture For Gatherings: Picnic Tables and More
Tips for Keeping Your Turf in Perfect Condition
How to Navigate the Search for Your Family’s Dream Home
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Toodles,
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