Are you looking for another apartment because you don't believe that buying your own property is within your reach?
"My First Time Buying Experience" by Josh
"I had been living with a roommate and renting for roughly 2 years. The time came to move on, and I was left with that inevitable question: rent or buy? I like to consider myself a logical thinker, so I wanted to weigh all my options. My first assumption was that I could never afford my own place in Toronto, but as I said, I wanted to at least prove this to myself before resorting to renting again.
"My boss at the time, who often acted as a mentor, referred me to Al Garland and The Condo Shoppe. In my mind I was just going to see a couple of places to confirm my suspicion that what I wanted and what I could afford were on opposite ends of the spectrum.
"Al took me out a few times and the second time out I fell in love instantly with this fantastic condo that was far more than I could possibly have expected. I had cleared hurdle one and thought there was no possible way of financing this dream. I was introduced to a mortgage broker who was able to find me a mortgage with no money down. What I hadn't understood was that banks can only offer you their products. Mortgage brokers have access to all lenders and some very creative financing opportunities. In my case, this was a no down payment mortgage with rates better than the bank had quoted me, with 5% down. I had now cleared the second hurdle and was well on my way to buying a property.
"There were a couple of looming concerns. Lawyer fees, land transfer tax, mortgage insurance, home owners insurance -- it seemed to never end. What I realized -- it's just one step at a time, and my advice to you is to dive into the deep end and examine every avenue available to you.
"The only other advice I could give is to make sure you shop your team. Al Garland at The Condo Shoppe treated me as if I was purchasing a million dollar condo in Yorkville. He introduced me to a very patient lawyer who specialized in condominiums, and my brother introduced me to a talented mortgage broker, and now here, at the age of 25, I'm on my way to paying off my first home."
Take the first step into the Deep End and contact Al Garland. If there's a chance of your owning, his team will make it happen.
Why Build Your Landlord's Equity When You Can Be Building Your Own?
If you're planning on staying in the Toronto area for more than two years, then you should be considering a purchase rather than a rental. Many renters are under the impression that buying a property is beyond their means. Recognize any of these roadblocks?
I need tens of thousands of dollars in order to buy a property
My banker told me to go home and keep saving, as I don't quite qualify
the process of buying seems very complicated and I don't know enough about it
I'm not spending that much in rent! The truth is that most tenants haven't added it up - in just a few short years the numbers are staggering... (click to enlarge)
GET THE FACTS:
you can buy with no money down with rates comparable to the banks
most tenants aren't capable of saving at the same rate as the increase in real estate prices, so it's a vicious circle
it isn't just about the rent you're spending -- it's about the financial loss of not building an equity position in a property. The following grid shows the historic financial position of two people:
Party #1 chose to rent a condo in January 2000 @ $1,300 in a downtown Toronto condo (see image below for full details)
Party #2 chose to buy a condo in the same downtown Toronto condo in January 2000 for $122,000 (see image below for full details)
BUILDING YOUR OWN EQUITY: (click to enlarge)
It's obvious that the buyer was in a much better financial position at the end of each of these periods of history. So the question is no longer whether you should buy or rent, but how to get your purchase financed.
Your banker is a great place to start, but if the answer is 'no', don't stop there - this is where many tenants give up and resign themselves to a future of renting. The banking industry is restricted to offering you only those programs their bank offers, and not everyone fits the profile. Your new best friend and your route to ownership may very well lie with an experienced Mortgage Broker who has access to the complete money market of mortgaging. A creative approach to financing may make the difference between your continuing to rent or to buy and start building your own equity.
Your lawyer picks up where the Mortgage Broker and Real Estate Agent leaves off. Your lawyer will walk you through the legalities of home ownership, so each step of the way you have an industry professional guiding you to your goal.
Call us today!
We’ve helped thousands of tenants become home owners. Put us to work for you!
