by Ed Machart
on Friday, January 15th, 2021 at 3:01pm.
Your home provides security, control, belonging, identity and privacy among other things—so is it any wonder that we are always striving to improve our situation? If you have ever rented a home, you will understand how renting can leave you feeling helpless. Living in someone else’s home without the power to make any changes or improvements and paying down someone else’s equity can be frustrating, but those aren’t the only reasons you may be finding yourself ready to buy. There are many reasons why you should consider owning a home, especially right now in 2021:
#1 - Quit Renting
The appeal of no longer renting and having to answer to a landlord is probably one of the biggest reasons anyone considers buying a home. Why contribute to someone else’s mortgage when you could be paying off your own and building your own equity instead?
#2 - Stability
When you own your home, you adopt a very different approach to the community and local neighbourhood around you. Since homeowners think in the long-term, they tend to get more involved with local groups, efforts, and events. They also tend to make more of an effort to build long-lasting friendships with their neighbours.
#3 - Fewer Moves
Once you’re a homeowner, you can safely say goodbye to those frustrating days spent lugging your couch up a staircase or trying to book a moving van on July 1st when your lease runs out or the landlord decides to raise the rent. Renters tend to invest in custom furniture that matches each place they occupy, and then have to deal with moving it around when they end their leases. When buying a home, however, you can feel free to settle in for the long haul, buying a few pieces that will stick around, and renting your unit fully furnished if you ever decide to upgrade or downsize.
#4 - Security
With a mortgage of your own, and an agreement with your mortgage lender for a fixed term, you won’t have to worry about your house being sold from under you or sudden rent increases. This allows you to think in the long-term when it comes to your savings and plan for other life events to come!
#5 - Investment
Buying a property is an investment for the long term. As each monthly mortgage payment is taken, you know that you are paying off that big loan and earning more equity due to the rise in property prices that will usually occur over a period of time. Buying a house may not be something that makes you money quickly, but if you can stay in your home for a good number of years, or even until the mortgage is paid off completely, you can walk away with a lot of money. On the other hand, if you are renting, your monthly payments are simply going to the landlord, and you are not making anything out of it.
#6 - Low Interest Rates
Right now, with interest rates as low as 1.93% on a 5-year variable mortgage, it’s easier than ever to get approved and afford more in the local Saskatoon housing market. It’s a great time to get in, lock in a rate, and start building equity.
#7 - Enjoyment of Ownership
When you own your home, there is a certain feeling of pride that comes with it. Although it may have been a long and arduous journey to get there, once you are holding those keys, there is no feeling quite like it.
#8 - Equity
Building equity gives you more financial freedom for not only the future, but for the present, as well! You can even borrow against the equity you have built in your home, should you ever need to.
#9 - Legacy
When you own your home, you are building wealth. And after you pass away, your home can be passed down to your children. Even if they don’t plan to live in it, it can still help them with their own financial situation should they decide to sell your home instead.
Whether to rent or buy is a major decision. It doesn't just affect how much money you have left at the end of the month, it also affects your lifestyle and the size of the savings you can accumulate over the years. Despite the risk, added expense, and extra chores associated with owning a home, many people choose it over renting for the freedom it offers, not just financially, but emotionally, as well!
Ready to get started and buy your first home? Contact me today to get started.