Firstly, why should you worry about paying your home off sooner?

  1. Real Estate prices have been flat or down trending for several years and may continue for several more. Paying your mortgage down faster insulates you from market shocks that have left many homeowners recently, particularly younger ones, unable to sell because their mortgage balance is higher than the value of their home.
  2. Paying your mortgage down faster saves you anywhere from $20,000 to $50,000 in interest!
  3. Paying your home off sooner allows you to become financially independent sooner.
  4. Paying your home off sooner allows you to look for other investment opportunities.

Now that we have looked at why you should want to pay your mortgage off faster, let’s look at how to do it:

  1. Buy a home with a legal basement, garden or garage suite.
    • There are many existing homes with legal suites and, also new homes to be built.
    • With recent changes to the city bylaws, suites are allowed pretty much everywhere in the city.
      2. Buy a home with an existing, illegal suite and make it compliant.
    • There is currently a huge opportunity to buy homes with existing, illegal suites and bring them into compliance.
    • The city has relaxed or waived many of the application and development costs and code requirements, mainly a second heating source, needed to legalize existing illegal suites that will save you thousands of dollars! But this ends December 31, 2021!

What is the big deal of buying a home with a suite?

If you buy a home with a suite and put the extra rent towards your mortgage, you will be able to pay your mortgage off in 10 – 15 years and save $30,000, $40,000, $50,000 in interest!

This one move could set you on a path for financial freedom and early retirement!

If you would like more information on how to implement this strategy, or for general information on buying your first home, just call, text or email for more information:

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.