There are many reasons why you should consider buying a home. Below is a list of my top 10 reasons why you should think about entering the market as a home buyer:
- STOP PAYING SOMEONE ELSE’S MORTGAGE – Every month you’re paying someone else’s mortgage as a renter. Why would you want to do that forever? And, oftentimes, renting can be more expensive than owning a home.
- SECURITY FOR YOU AND YOUR FAMILY – If you don’t own the home, the landord may decide to sell at any point, increase your rent, or the property may be bought out by an investment firm. You run the risk of needing to move out on short notice, something anyone with a family doesn’t want to be “forced” to do.
- IT’S JUST A GOOD INVESTMENT – Generally speaking, real estate is an appreciating asset. Meaning, each year your home is worth a bit more, long-term. Cars on the other hand, are depreciating assets. They lose a large percentage of the value as soon as you drive them off the lot. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
- LOWEST MORTGAGE RATES IN HISTORY – Right now we have some great interest rates which will help you get your foot in the door (no pun intended!). It is a great time to get into the market and lock into a really good interest rate and start building equity.
- BE PROUD OF YOUR HOME – One of the biggest reasons people buy properties is the pride of saying 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.
- BAD LANDLORDS – If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property. A bad landord may make unexpected visits, unreasonable requests, and more.
- MAKE MONEY WITH YOUR MONEY – One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you increase your overall net worth and 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.
- FREEDOM TO LIVE – You are free to do what you want in your own home, whether you want to paint the walls in pink and black zebra or put carpet on the ceiling (I’ve tried this and would not recommend it) You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. Paint that feature wall, build that cool deck, renovate and decorate! No one can tell you no! Don’t go too crazy though. Keep in mind that you liking zebra print doesn’t mean potential buyers will if you ever decide to sell.
- BE A GREAT NEIGHBOUR – Owning a home gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.
- WHAT’S HOLDING YOU BACK? – Whatever is in your way right now, (finances, lack of a downpayment, the feeling of “not being ready yet”, or anything else) just remember, if there’s a will there’s a way. I can help you find those ways and start your journey as a home owner.
