There comes a time in people’s lives, who work and live in the city, when they decide they would like to purchase a home. They either get tired of renting or condo’s are not their scene anymore. They want a single family home so they can start their journey of life and possibly start a family of their own in Suburbia. By purchasing a cheaper home in a rural area and commuting to work, you would think long term you are saving money. Maybe we really need to analyze this ideal as it does not seem to be the case when comparing the two. Here are some important factors to consider:
1. If you moved to a rural area and had to commute to work each day, would it require you have two cars as opposed to one? This would be double the cost of car payments, gas, insurance, and over-all maintenance of the car. This cost would be something that would continue indefinitely for however long you need two sources of transportation. This cost could also triple if you have children who need/want their own mode of transportation if you live in a small rural area and a car is the only way to be mobile.
2. Even though home prices may be lower in suburban areas, keep in mind the transportation cost/interest accumulated on your mortgage loan. When you add those total costs compared to being a home owner in the city and commuting with the city’s transit, you are saving money and saving an impact on the environment.
3. Gas is steadily increasing in price, therefore this will always be an increasingly added expense in general.
4. You lose time with your family. If you move outside within the GTA, you are looking between a 1-2 hour commute, ONE way each day. And this would be on a good day with no accidents obstructing the way. Within the city, your looking at a maximum commute of 1 hour roughly with public transportation.
If you do the math, in the end you are saving money by living within the city. But at the end of the day, it all depends what lifestyle you would like for yourself and for your family. Some people prefer spending the extra money and time commuting to get that small town home feel and others would rather save money, stay in the city, and be close to all necessities. We’d like to know what your opinion is on this! To read more about this topic, you can refer to this article by The Globe and Mail:
Contact Robert Clancy today to see if City living or Suburban living fits your lifestyle needs!