subject: Reasons Of Buying A Home Or Condo Now [print this page] If like many people who wonder whether this is the right time to buy a property. Why not weigh it out.. I will give you the reasons why you should. Consider the many positives in owning your own home home or condo. There are many practical and financially sound reasons to buy a home, loft, or condo in today, whether youre thinking of a condo, a duplex flat, a townhouse, house or even a mansion here are my tips:
Home or Condo ownership is an excellent way to build equity. Thats an important consideration if youre trying to build some financial stability especially if you happen to be single and are doing it on just one income.
Property values tend to appreciate over time. Historically, real estate has proven to be one of the best returns on investment for Canadian consumers. And youre enjoying your investment by living in it, versus just a piece of paper sitting in a safety deposit box!
Paying a mortgage off is usually better than throwing money away on rent. You could be paying high rents for years, adding up to many thousands of dollars, yet never end up with anything thats yours.
Your rental expenses can potentially increase significantly over time. Even a three or four percent annual increase can really add up, especially when you consider that its compounded year after year. However, if you buy a home and lock in a long term mortgage at todays affordable rates, youll know exactly how much your payment will be for years to come.
Owning your own home gives you the option of earning extra income, by renting out a specific portion of the property or by taking in a roommate.
Homeownership affords an asset to borrow against if you ever need to. Even if your mortgage isnt paid off, you can still borrow against the equity youve built up in your home and often at far better interest rates than youd normally get for almost any other type of personal loan.
These are only a few of the reasons but I hope I have sparked you curiosity about improving the quality of your life through ownership.
Why have others rule your life.. Steer your own future.
