Deciding whether you want to rent or buy your home can be a tough decision. There are benefits and downsides to each choice, but at the end of the day there is nothing quite like having a home of your own. Here are 5 reasons you should purchase your home.
Oftentimes when you rent you are still paying off a mortgage, it just isn’t your own. By doing this you are creating equity for someone else who will reap the benefits once the mortgage is paid off. Renting also means you will have to pay a monthly fee to live in your home, much the same way you will need to make a monthly mortgage payment on your own home. By purchasing your home you build your own equity, and do not have to deal with nasty surprises like having your rent suddenly increase or finding out your building has been sold and you are no longer welcome.
Purchasing your home lets you set the stage for the rest of your life. From children to grandchildren your home will now be a place where you have set down roots and watched your family, and your future, grow. Once your mortgage is paid off you will also be able to leave your home to your children or grandchildren, helping to continue on your legacy in a place steeped with fond memories. Renting also carries the risk that your building may be sold, or slated to be developed into condos. This could put you in the situation where you need to move suddenly, forcing you to rent a less desirable property simply to ensure you and your family have a place to live.
Most lease agreements are renewed once every year or two years, and are often accompanied by rent increases. While mortgage rates are not guaranteed to be the same every year you can opt for 5 year fixed terms, so you know exactly how much you will need to pay and can plan accordingly.
4.Sense of Community
Homeowners tend to put down roots in their communities in ways that renters do not. This encourages homeowners to become actively involved in their communities, and form stronger bonds with their neighbours. Your children will grow up with other kids in the neighbourhood, and you and your family will form lifelong bonds with the people around you.
5.Personalize Your Space
Renters are severely limited when it comes to customizing their homes. Even if you are able to make alterations you often have to return the property to its original state before you move. And if you want to add any upgrades, or even just fix that leaky sink, you will have to pay for it out of your own pocket if your landlord doesn’t deem it necessary. This means any work you invest in your home will benefit your landlord and future renters.
For help deciding if buying is right for you, or for more information on mortgages contact Tim Lacroix today at 403.648.1541 and visit timlacroix.com