Buying a Home?
There are many reasons why you should consider jumping into the real estate market and buying a home. Below is a list of 6 reasons why you should seriously consider it.
No More Renting
Why contribute to someone else’s mortgage payments when you could be paying off your own? With the new 40 year amortizations and no money down with a good credit score, it is easier to own a home now than it has ever been. And with the current market increase in rent it can sometimes be cheaper to own than to rent and there is no fear of your mortgage payments suddenly increasing.
You don’t have to worry about your house being sold out from under you to out of province investors who will turn around and increase your rent to an unreasonable amount therefore leaving you potentially homeless or too poor to eat, either so they can make more money or so that you will feel forced to leave so they can just turn your building into a condominium.
The price of real estate continues to increase every year therefore purchasing real estate is one of the safest long term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
Good Interest Rates
Right now we have some great interest rates which will help you get your foot on the first rung of home ownership. It is a great time to get into the market and lock into a really good interest rate and build equity.
Pride of Ownership
One of the biggest reasons people buy properties is pride to say they own something. Even if it is a little starter home or apartment style condo, it is yours and you can do with it as you please, and for that a person should be proud as ownership is an accomplishment.
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business. Check with your lender as these vary from one to the next.
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