Getting off the Renter's Ride!

I often have people call and ask about finding a rental. When asked why they are Renting and not Buying, I often hear 'we can't afford to Buy' sometimes you can't afford not toI received an email from a young couple who called me in the fall of 2008 to help find them a rental. They were unhappy where they were living and couldn't afford to purchase (so they thought). They felt that they were on the 'Ferris Wheel of Renting' and would never be able to step off. I told them to contact a mortgage broker and that they would be very surprised on where they actually were. With a little help from a great mortgage broker, they were able to purchase a home in the spring of 2009.

Before I tell you more about their story, here is their email:

Hi Liz,

Just wanted to drop you a quick email and say thank you so much for all that you've done over the last year and a half to 2 years. You have been a wonderful realtor who gave us the information that we needed to finally take the step into purchasing our first home at a young age.

Since buying the house and moving in in May 2009 Jason and I have started renovating (adding a full bathroom in the basement and making the basement into a bedroom, sitting room, bathroom and laundry room), we've also recently gotten married and now we're well on our way to starting a family as we are just over 4 months along!!!!

If we had of continued renting our townhouse or an apartment none of this would have been possible, thank you for showing us the realities of purchasing vs renting and giving us the nudge and support that we needed during a stressful time.

Thank you again so much,

Katherine and Jason



It's incredible how much their lives have changed in the past two years! They went from feeling despair in that they were renting and would never be able to save for a down payment, to having over $50K of equity in their home. It was easier than they thought. There are so many great products on the market to help first time buyers get their foot in that 'HomeOwnership Door'.

The home that they bought was a small condo in a family oriented area. Their Mortgage payment, Property taxes and Condo fees are equivalent to their rent payment (and will stay relatively the same for the next five years). The value of their particular home has increased greatly in the past 18 months. If they decide to sell it and move into a larger home now, they have approx $50,000 to use as a down payment. That's over $25,000 a year increase!!!! Incredible!

 

 

What if one gets laid off???? Then life goes on! 

They would still have to pay their rent or mortgage but see, that's the beauty of their situation. By renovating and adding a full bath (there was a two piece bath in the basement), they always have the option of renting the basement bedroom out to help with their mortgage. The fact that they added the shower in the basement also increases the demand for their home which increases it's value. The other option that they now have that they never had before, is that in a time of need, they could borrow on the equity that the have built in their home. Purchasing a home is the best investment that you could make in Ottawa. Our prices consistently rise in the Ottawa area (prices increasing an average of 7.4% over the past 10 years) and there is always demand for housing in our beautiful city. By the way, mortgage rates have been lower than the annual increase making homeownership one of the best investments out there.

This wonderful young couple now have the security they wanted to be able to fulfill their dreams of having a child!  I am so happy for them and so excited to meet their little bundle of joy this coming spring.

***If you're looking to get off of the 'Renting Ferris Wheel' , contact Elizabeth at 613-266-0641 to start on your trail to financial security ***

 

 

 

 

 

 



 

 

Elizabeth Laplante

Elizabeth Laplante

Sales Representative
CENTURY 21 John DeVries Ltd., Brokerage*
Contact Me

Tags