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Advantages of Owning Your Own Home
Let me put my expertise to work for you!!
Ericka Hardy, Sales Representative
Royal LePage RCR Owen Sound
Quick Contact: Cell - (519)270-7177
Office - (519)376-9210
Email: ehardy@royallepage.ca
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Advantages of Owning a Home
Building Equity Every Month - When you are renting, you are helping your landlord pay off their mortgage. Why not pay to live somewhere that is creating equity and a valuable asset at the same time? Although real estate moves in cycles that sometimes go up and sometimes down, over the long-term real estate has consistently appreciated. What's really great about a fixed rate mortgage is that each payment you make is made up of a principal and interest which means a portion of your monthly payment is applied to the principal balance of your home mortgage. Therefore, every payment you make means you are building equity and own more of your home yourself. This is a stark contrast to paying rent, which is a pure out-of-pocket expense. Owning your own home gives you the opportunity to build wealth from price appreciation, paying down your mortgage, or from both. For tips on how to pay your mortgage off more quickly click here
Ability to Renovate and Make Changes - If you rent, you know how difficult it can be to make even minor changes to the decorating in your rental property and frequently it means changing it all back before you move. Home ownership offers tremendous freedom to create the living environment that you have always wanted. You can paint rooms whatever color you like, attach permanent fixtures, make changes to floors and carpeting and do all the things that make a house your home and all without having to get approval from a landlord. It is also nice to make improvements knowing that any appreciation that results, will be to your benefit.
Provides Family Stability - When you buy a home you have the ability to stay in one place for a long time if that is what you wish. If you have children, it means they can attend the same school and keep the same neighbourhood friends. No landlord will ever force you to leave.
Guaranteed Payment Stability - Most lease agreements last for a year at most and then it is time to renegotiate possibly with a rent increase. Many landlords will increase the rent as much as the law allows, each year. While mortgage rates can change too, you can decide to lock in to a 5-year term where there will be no payment changes during that set period of time.
Sense of Community - When you buy a home instead of renting, you are more likely to take an active interest in the community. This includes making your property look nice, getting to know your neighbours well and working to keep your neighbourhood safe.
Building a Strong Credit History - When you buy a home and consistently make your monthly loan payments on time, it demonstrates to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will be helpful in the future when you need other loans for buying a car, making improvements to your home, or paying other major expenses.
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