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.
FAQs
Why might buying a home be better than continuing to rent?
Buying can help you build equity instead of contributing to a landlord’s mortgage. Depending on your payment, interest rate, taxes, and maintenance costs, owning may also be more affordable than renting, especially as rents increase in Saskatchewan.
How does owning a home provide more security than renting?
Homeownership gives you more control over your housing situation because you do not have to worry about the property being sold from under you. Your housing costs can also be more predictable when you have a suitable mortgage and understand your ongoing ownership expenses.
Is buying a home a good long-term investment?
Real estate can be a practical long-term investment because a home may appreciate over time while you build equity through mortgage payments. That equity may later support other financial goals, such as purchasing an income property, although property values and investment results are never guaranteed.
How does home equity give homeowners more financial freedom?
Equity is the portion of your home that you own after accounting for the mortgage balance. As equity grows, you may be able to access financing secured against the home for eligible purposes, subject to lender approval and your ability to repay it.
What are the personal benefits of owning a home?
Owning gives you more privacy, independence, and freedom to change the property to suit your needs. It can also create a sense of pride and belonging in your Saskatchewan community, while providing an asset you may eventually leave to your children or other family members.
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