September 1, 2016
TIPS FOR FIRST-TIME HOME BUYERS
Is Homeownership right for you?
Are you among the many of people who pay rent each month, knowing full well that you will never see that money again? For many, this need not be the case. Instead, why not take that money and build it into an investment that can last a lifetime?
So what are some of the advantages of becoming a homeowner today?
1. Right now there are excellent opportunities for first-time buyers. Mortgage rates are extremely attractive and we are currently in an area where homes are actually affordable and within reach for first time buyers.
2. Home ownership is the single largest source of savings for Canadian households.
3. Your payments build equity (as opposed to renting, where your money goes to the building owner).
4. Unlike other investments that can be volatile, when you buy a home the increase in its value is relatively steady.
5. The return on investment for a house can be substantial.
6. Homeowners can use the equity in their homes as security for other loans.
7. Buying a home and building equity is the first step on the property ladder. It gets you into the housing market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better homes as your circumstances allow.
The differences between renting and buying a home are vast. Each individual must make his or her own best decision based on their own personal situation. So if you are a first time home buyer give me a call as I can help guide you through the process of home buying. Buying a home is one of the biggest emotional and financial decisions you'll ever make. If homeownership is for you, it can also be one of the most rewarding endeavors you ever do…it can even be a lot of fun!