February 19 2019

Top Reasons to Buy Your Home

Buying

Renting vs. Buying

Purchasing your first home is one of the biggest decision that you can make. It is very normal for new homeowners to second guess if they are making the best decision while buying a home. While everyone has different opinions on what’s best for their own unique situations, owning a home has many financial and lifestyle benefits when compared to renting. Continue reading for a list of some of the key advantages that come with owning your home.

Be your own landlord

While renting, you’re limited with what you can and can’t do with your space, and the terms of your lease. The landlord is the one who has the ultimate say with your space which means you must get approval before completing any renovations or adopting a pet. When you own your own place, you have the freedom to make changes to your space and decide if you want a pet (given they are allowed in your building).

Build Equity

Home Equity = how much you can sell your home for – what you still owe.

Think of a mortgage as a forced saving plan. Instead of paying rent each month to your landlord, every payment that you make towards your mortgage is paying down your down debt and building equity. This provides stability and security for your family.  

Tax Benefits

Owning your home offers tax incentives that you do not receive while renting. See here to learn more.

Owning is Cheaper

In the beginning, it may be cheaper each month to rent, but over time as you pay off your mortgage the interest portion of your payments will decrease and this will lower your monthly payments. Whereas, when you rent, it is likely that over time the landlord will increase your monthly rent.  

Build a Sense of Community

When you purchase a new home, you are putting roots down for your family and are usually committed to staying there for at least five years or longer. When you live in a great community like Henley Heights, you will get to know your neighbours and get involved in community activities.

Build Wealth

According to many economists, the housing market typically moves in a cycle. As history shows, housing prices may fluctuate over the years, however, they should stabilize and rise over time.

As the saying goes, there is truly no place like home (especially when it’s your own). Being a homeowner is an accomplishment and should be something to be proud of. If you are ready to purchase a home, see here to learn more about the community of Henley Heights.

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Thanks for reading!

Resources:

https://www.incharge.org/housing/homebuyer-education/homeownership-guide/advantages-and-disadvantages-of-owning-a-home/

https://betterdwelling.com/canadian-real-estate-works-in-a-cycle-heres-where-we-are/

https://www.greedyrates.ca/blog/know-when-to-rent-em-know-when-to-buy-em/

https://bestcalgaryhomes.com/why-home-ownership-is-better-than-renting/

https://www.zillow.com/mortgage-learning/buying-vs-renting/

https://www.mymoneycoach.ca/blog/should-you-rent-or-buy-a-home.html

https://www.forbes.com/sites/trulia/2014/02/28/freshen-up-on-the-7-financial-benefits-of-home-ownership-this-tax-season/#4c4a1cb25fe8