Over the past 5 years, homes in the Kitchener-Waterloo region have increased in value by 27.7%. That’s a $250,000 home bought in 2010 being listed in the same condition as when it was purchased with a new value of $319,250 in 2015. That’s over $69,000 in home equity, just for living there!
There is a positive trend year-by-year involving home equity (see graph below). Homes are continually increasing in value. This you need to watch for. If you are approved for a mortgage worth $250,000 and if you wait a couple years before taking action, that home you saw a few years ago might be out of reach. It is better to act fast and start early.
Why not put money, month by month into your own home rather than give it away to a landlord, never to be seen again. The money you pay month-by-month towards your mortgage helps increase your home equity too.
If that hasn’t sold you on buying a home then this might.
Tax breaks are also offered to homeowners, with the ability to subtract mortgage interest and property taxes with your federal income taxes.
Your payments will also stay stable if you choose a fixed-rate mortgage, unlike monthly rent payments that have the potential to increase over time.
You can also use your home as an investment; by turning it into an income property that can help offset monthly mortgage payments, saving you money while sacrificing space in the end.
And importantly, you have the freedom to decorate and design, make noise, have pets, create a garden, as much as you want! No more visiting the landlord to see if they approve of a paint colour you wish to paint your bedroom, the choices are entirely yours!
Let me help you find the perfect home, a home that has the potential to make you money in the future! Whether it is a fixer upper, income property, or a property in a great location for a great price. I have the tools to help you find it.
Historic Sales Price Trend (2005-2015)
Historic Sales Price Trend, Kitchener Waterloo Association Of Realtors. (n.d.). http://www.onregional.ca
Renting vs. Buying a House – How to Make a Decision, Pros & Cons, Money Crashers. (n.d.). http://www.moneycrashers.com/rent-or-buy-a-house/
The Pros and Cons of Owning Your Own Home, - For Dummies. (n.d.). http://www.dummies.com/how-to/content/the-pros-and-cons-of-owning-your-own-home.html