by Kent Braaten
on Wednesday, January 2nd, 2019 at 11:13am.
There are many reasons why you should consider owning a home, here are ten reasons to seriously consider if homeownership is for you:
To quit renting – This is probably one of the biggest reasons people consider. Why contribute to someone else’s mortgage when you could be paying off your own? With the current market increase in rent, it could even be cheaper to own.
Security – You don’t have to worry about your house being sold from under you, where rent can substantially increase without notice; forcing you into debt or even out of your home.
Investment – The price of real estate continues to increase. Purchasing real estate is one of the safest long term investments a person can make. A house appreciates in value over the years. Once you own one house and build some equity, you could also be in a financial position to purchase an income property.
Low Interest Rates – Right now we have some great interest rates which will help you get a good start to home ownership. It’s a great time to get into the market, lock in a rate and build equity.
Enjoyment of ownership – It’s yours and you can do with it as you please! With that comes a sense of pride of ownership as an accomplishment.
Privacy – If you own your own home you don’t ever have to worry about the owners checking up on you. You gain more independence and privacy when you have your own property.
Equity – One of the best things about owning a home is that you are building equity! This gives you more financial freedom as you can access a home equity loan. You may borrow against the equity you have built in your home for a wide variety of reasons.
Freedom – You have the freedom to express yourself, your personal tastes and change the house to suit your needs.
Sense of community – Owning a house gives you a feeling of belonging to that neighbourhood, a sense of putting down roots, and getting established.
Future considerations – If you have children and you are renting your home, you have nothing to leave behind in the event of your death. If you have a home and are properly insured, your children still have a home to live in. Even if your children are full grown, it is something you can leave to them to help them in their own financial situation.