Pros and Cons of Buying a House in Ontario

Pros and Cons of Buying a House in Ontario

- in Home Improvement
a sign with ‘sale’ on ita ‘sale’ sign

When buying a place for living, just bear in mind that it has many advantages, but also many disadvantages. On the one hand, if you buy a house, you will have your own property and you will not have to depend on someone else. On the other hand, you will have more expenses, in comparison to those you would have if you rent a house. What can be of great help with this is a real estate calculator. Of course, these are not the only things you need to consider when deciding whether to buy a house or not. So, if your dream was buying a house in Ontario, we will provide you with other things to have in mind when making that kind of decision.

You will be investing in something that will belong to you 

If your dream has always been to live in Ontario, you can surely find a quite affordable house there. You do not have to worry about moving, since Tender Touch Moving and Storage Toronto can make it much easier for you. Unless you are planning to move often, this is the best option. You will have your personal space and you will not have to worry about whether the landlord will ask you to move out after your agreement expires. Also, you can choose how your home will look like and you will have the ability to arrange the furniture the way you like. Of course, if you decide to move after several years, you can sell or rent the house you bought. In that way, you will regain some of the money you have invested.

Buying a house in Ontario means that you can choose how it will look
A house with a lawn

You will benefit from Tax Deductions when buying a house in Ontario

Unfortunately, in Canada, interest on mortgage for a principal residence is not tax deductible. But, if you decide to sell your house, there will be no taxes on capital gains. Of course, if the house has a good location, the gains can be bigger. In addition to this, you can get a non-refundable tax credit of up to $750 if you are a first-time homebuyer. This tax you can claim with your spouse or partner. Also, if your family has elderly or disabled members, you can qualify for home accessibility tax credit. In this way, you can get up to $10.000 to cover renovation costs and make your home more accessible and safe to everyone. So, if you are buying a house in Ontario, learn more about the taxes there. You may find some more that can bring you more money.

No restrictions and more personal space

Have you ever thought about living somewhere where you are not allowed to do or have some things you like? This will not be the case if you live in a house of your own. You will not be forbidden to have pets, to smoke or even to make noise. You will never be in a situation to justify your preferences or taste about anything. You will be able to do whatever you want whenever you want, as long as it is within legal bounds. For example, if bringing a piano with you and your landlord does not approve of making noise, it could be a problem. But, within your house, your own rules are followed. Also, if something is broken or does not function properly, you can see to it immediately. You will not be in the mercy of your landlord.

A dog sleeping
A dog sleeping on a bed

Buying a house does not consist only of paying the house itself

When you decide to get a new home, you need to be aware of the fact that your move does not include only finding a home and choosing a moving company. What you need to do, is to search what it is that needs to be done if you are, for example, buying a house in Ontario. You will need to pay the real estate agent and the lawyer for their services. Also, if some repairs are to be done, you will need to take care of that. It will not be the same as with renting a house, since you will need to pay for its maintenance. In addition to this, there are also property taxes that need to be paid regularly, if this is not the first object that you own.

It is not a good idea to buy a house if you are moving often

In case you are thinking about moving and buying a house in Ontario, it is better to think twice, especially if it often happens that you change your place of residence. This could be a bad idea, when your budget is in question. When you have in mind all the costs that need to be paid every time you buy or sell your house, this will surely not be a good decision. You will just be throwing your money away. But, to prevent this from happening, it is advisable to rent a house. In that way, you will need to worry only of paying your rent on time. And, when you decide to settle down and stay in one place for a longer time, then you should consider buying a house.

Taking the keys of a new home
Taking keys of a new home

It is well-known that Canada is a great country to live in. It is also big enough, so you do not have to worry about whether there will be a place for you or not. But, if you are thinking about, for example, buying a house in Ontario, there are many things to have in mind. For example, you need to think about how long you would live there, which costs need to be paid when buying a house, are there any taxes that can bring you some money etc. The most important thing to have in mind is that Ontario is a great place for living, for all generations.

About the author

Leave a Reply