The advantages of Home Ownership
It is the Canadian Dream, but is it right for you?
Ready to own your own home?
Forced Savings Plan and Building Net Worth
Paying rent only provides a place to stay. Your rent payment goes to your landlord and pays their mortgage or lines their pockets. You cannot build equity by paying rent.
If you purchase a home, your payment is composed of principal and interest. Each month, you will be paying down your mortgage debt and hopefully, your property value will continue to increase. Each month your equity will increase until one day you are hopefully mortgage free.
Improvements Are For your Benefit
Whether you rent or own, your property will require improvements from time to time. As a renter, although major improvements may be covered by your landlord, you will still need to maintain the property and make minor improvements. Again, this benefits your landlord. As a homeowner, you increase the value of your property with any improvements you make and you enjoy the benefits.
Stability
Home ownership offers security and stability. Knowing that you pick the home, you pick the neighborhood and you decide to sell and move only if you want to do so. You are living in your own home, have control over it and you can do as you please. No one can ask you to vacate or raise your rent.
Don’t let a landlord uproot your family for their own agenda.
Summary
Owning your own home can be a very rewarding and financially sound investment. Consider your current financial situation as well as your lifestyle to decide if it makes sense for you. Can you afford to make a down payment, pay a monthly mortgage and pay for any items that break or need repairs in your home?
We have assisted many clients over the years in transitioning from renters to homeowners. Purchasing a home can become a reality if you plan and position things accordingly.
Have any questions, need any advice? Visit us at www.thefinancialforum.ca. Email us at mortgages@thefinancialforum.ca. Call us at (905) 265-0246.
VERICO The Financial Forum Ltd.
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