YOU’RE building your own equity, not the landlord’s. While part of your mortgage payment is the interest paid to the financial institution, and the other part of your mortgage payment goes towards the equity in the property, think of this process as a forced savings program.
IF THE VALUE OF YOUR PROPERTY GOES UP, YOU AS THE OWNER COLLECT THE REWARDS, NOT YOUR LANDLORD. That works in reverse too – if prices suddenly drop, your pocketbook will take the hit, should you decide to sell. Real estate is historically an excellent long term investment.
JUST IMAGINE THE FREEDOM! You don’t have to ask for approval before painting the walls or upgrading the floors. You just do as you wish, be it buying new appliances, replacing old carpet or putting in hardwood instead, all making your home your own.
WHERE ELSE CAN YOU PUT YOUR MONEY? The reason so many investors have made real estate a large part of their investment portfolio is that, traditionally the Toronto real estate market has been somewhat predictable and yielded better returns than many of the investment alternatives. However, such returns are not guaranteed.