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Owing Vs. Renting: Which is Better?

by Claire Franceschetti

It's in the media a lot these days, but recently, consumers have been inundated with the debate of:

Buying vs. Renting.   The Globe and Mail's Home Cents column by Jodi White explored a few different perspectives on this topic. Having dealt with hundreds of buyers over several years, here's what I'd like to share with you on this topic:

1.  Don't buy because of a recent life altering event. If you have experienced the death of a spouse, or been recently divorced, I suggest that you allow a year to pass before any big changes are made to your living situation. Selling immediately, and renting might not be the right decision, and a little time and reflection can provide a clearer perspective. Understandably, this isn't always possible, but rushing into the decision to rent or buy is not prudent. 

2. Don't buy if you're planning on selling within a year. Although our markets have done extremely well year after year, there are certain costs involved in buying that you should account for in calculating the appreciation of your future property. For example, land transfer taxes, legal fees, and moving expenses might not make sense if you're planning to sell in one year.

3. Don't rent with a view that the market is in a bubble, and  you are timing to avoid the crash. It is impossible to time market adjustments, and moving from an owning to renting can be detrimental. Specifically, I was working with a young couple three years ago who wanted to buy a semi-detached home in Bolton (just north of Toronto). They couldn't believe that semi's were selling for $300,000. They decided to rent and wait for a negative adjustment. Unfortunately, they have spent over $50,000 in rent to date, and the same semi's in Bolton are now selling for more than $420,000. 

Here's what I also know about Owing:

1. Owning your own place feels good. Pride of ownership is hard to quantify, but worth every cent.

2. Putting roots down in a community means making connections with friends and local business. Creating local connections leads to a feeling of belonging. I don't think tenants establish the same connections due to the transient nature of renting.

3. Ownership forces a certain level of responsibility. Often owners find mortgage payments lead them to budget and save more effectively. Saving tools like excelerated  payment options also help owners focus on investing in their financial future. 

 

"Claire, How's the Market?"

by Claire Franceschetti

Here's your monthly real estate update for August 2012. 

A shortage of house listings for sale has fueled continued price increases.

 

Virtual Tour: 140 Kingscross Drive, King City

by Claire Franceschetti

Welcome to my latest listing: 140 Kingscross Drive in King City.

This property is spectacular and very serene. I invite you to look at this one of a kind home! Enjoy my Virtual Tour: http://bit.ly/NPNMBj

Sure To Impress, This Bungalow Boasts 12 Foot Ceilings In Main Foyer, An Abundance Of Light Streams Through Skylights And Vast Windows. Surrounded By A Mature Forest & Landscaped Grounds, This Serene Home Boasts 4000+ Sq Ft Total Living Space With Several Main And Lower Walk-Outs, Deck & Sunroom. Huge Chef's Kitchen, Sprawling Master With Spa-Like Ensuite, Stunning Basement With In-Law Suites, Office, Sauna & 2 Full Lower Level Washrooms. Basement Mud Room. 
Extras: Main Floor Laundry & Utility Rooms, Family Room Off Kitchen. Includes: All Appliances, Most Elfs, Blinds, Water Softner System. Alarm Unmonitored, Gdo And Remote. Heated Floors In Kitchen, Water Purification System Is Top Of The Line
 

Please give me a call if you are thinking of buying or selling a home in the near future!

Shedding Light On Windows

by Claire Franceschetti

Want to cut your heating costs? Take a close look at your windows! With heating and cooling costs continuing to rise, it makes sense to look at one of the leading causes of energy inefficiency in the home. Installing energy-efficient windows can mean increased comfort as well as savings on utility bills in any climate.

The transmission of air and light is generally the most important function of windows. However, this can mean heat loss in the winter, overheating in the summer, and higher energy bills. A typical home may lose up to 30% of its heat or cooling through windows. Properly installed energy-efficient windows can go a long way toward improving this situation.

The experts say that there are many factors that affect a window's energy efficiency. Whether they are single or multiple-paned, gas-filled, Low-Emittance (Low-E) coated, and even the material of the window frame all contribute to a window's performance.

One excellent resource is www.efficientwindows.org, which provides detailed information on these specifications and how to select windows appropriate for various climates. An experienced window contractor can also be a good source of information and recommendations.

And don't forget, you should check with your local utility to find out about possible rebates and other incentives for the purchase of new, energy-efficient windows.

Of course, replacing windows is not always a viable option. However, there are steps you can take to improve their energy savings without replacing windows such as making sure windows are properly caulked, keeping weather stripping in good repair, and using storm windows will help. Putting window coverings is another good way to reduce heat loss in winter and avoid overheating during summer.

Improving energy efficiency throughout the home means cost savings to the homeowner. Energy-efficient windows are a significant step toward that goal.

Displaying blog entries 1-4 of 4

Contact Information

Photo of Claire Franceschetti Real Estate
Claire Franceschetti
Right At Home Realty Inc.
190 Marycroft Ave.
Vaughan ON L4L5Y2
Direct: 416-918-6325
Office: 416-391-3232
Fax: Fax: 416-987-8001