5 Reasons to Consider Owning Your Home
Curious to know what you can afford?
Considering the jump to ownership? Worried, lots of concerns - these are important things to think about. Once you've looked over your concerns, you can begin to break them down and see that home ownership is not that far out of reach!
When I bought my first home, it was not an easy decision - I had my concerns, but I stormed ahead with the realization that I wanted to get out of the rental market and had an excellent idea of what I could afford. Haven't you heard the same story?
Making the jump from being a renter to an owner is not easy, in fact, it is a very hard decision. It often comes down to many more concerns than just one or two, and cannot be simplified. For some, the options might seem endless, for others choices need to be made.
Often---it comes down to a realization --- that the only thing holding you back from purchasing your first property is you.
5 Reasons to Consider Owning Your Home
Have you ever worried that an out-of-province investor is going to buy the property right out from under you? If renting and faced with this scenario, you could find yourself faced with an unreasonable increase in your rent, thereby making your housing situation that much harder. In some cases, the purchase could force you to leave, and they decide to turn your building into condominiums.
Not only that, but consider that you could also find yourself faced with an unreasonable increase in rent, thereby cutting into your income. These increases can continue indefinitely, which make it difficult for you to gauge how much is too much for the rental you are currently living in.
The question you have to ask yourself, why pay someone else's mortgage payments when you could be making your own. Have concerns about the rental you are living in, speak with one of our advisors' who can help to answer your questions.
As an owner, you are free to do what you want in your own home, whether you want to paint the walls different colours, or put in carpeting - you have the freedom to express yourself and your personal tastes in the house to suit your needs. That is the point to home ownership - it gives you the freedom to make the decisions you prefer.
Want to remodel the kitchen or complete bathroom renovations? The choice is yours, and the options are endless. Curious as to which upgrades to make, speak with our residential specialists to gather some ideas.
3. A Community to Call Home
How you define home will most likely extend to the community you want to live in - you can choose a community to put down roots in. This means you've decided on the community "must haves" - which will often include outdoor activities, a yoga studio, park, community center, shopping district, and local amenities.
Your wish list will definitely vary depending on what you are looking for, and there are many great developments with amenities that will most likely suit your needs, such as a gym, social lounge for entertaining, play structure for kids, or a dog park in your building. By becoming a homeowner, you can choose where you want to love and commit to a community to call home.
Still have questions? Contact our residential realtors and they can help you find a community that works for you.
4. You Can Afford More Than You Think
When you are thinking of buying a home, you know the process can make your emotions run the gamut. Buying a home is exhilarating, frustrating, amazing, time-consuming, and an amazing undertaking. And while viewing the home is exciting, it may be the easiest part of the process. The hardest? Finding the perfect place and getting the loan. But, depending on where you live and how much you make, you may be able to afford more than you think.
Just as a rule of thumb, most people can afford a home that costs up to three times their annual income. Having little to no debt and putting a 20% deposit down get you a home worth close to four times your annual income.
Curious to know what you can afford? Our team of real estate specialists have connections with most major banks and mortgage professionals - we can help you to answer them!
5. Get an Increase in Home Equity
Becoming a homeowner enables you to dramatically increase your net worth due to the equity in your home from selling it years down the road. Especially if you consider what your current home value is compared to when you would have purchased your home - the general idea is that your home has grown in value.
Always remember that all of your hard work will eventually pay off, and you will own your own home. It's a glorifying moment, and something most people think is not possible, but if you follow a couple of simple strategies, you can own your own home faster.
Not only that, but the price of the home will continue to increase every year, making it one of the safest long-term investments a person can make. It will appreciate over the years, while cars and other tangible assets lose value. Once you own one house and build some equity, you may also be in a financial situation to buy another and rent it out.
Still on the fence about owning a home? We meet with people all the time who are on the same fence with similar concerns, but different needs. Whether they are a couple looking to start a new family, parents requiring a larger space for their growing children, or someone looking for a condo, we can help them find the right property that fits their needs.