Buying a home is an achievable dream for most Canadians, and easily one of the most important financial decisions in any lifetime. There are several variables to consider before becoming a homeowner, including your lifestyle, your financial situation and your family’s needs. While points can be made on both sides of the renting vs buying debate, a few key advantages to buying a home instead of renting are outlined below.
You’re investing in your own future
The most obvious advantage in owning is that paying a mortgage instead of paying rent means you’re investing in your own stability while building financial flexibility. If their home increases in value, homeowners earn money on that appreciation when they choose to sell. A well-maintained home is one of the safest and best long-term investments you can make.
You can make your new home truly yours
It’s true – your home really is your castle. Owning a home means you’re truly in charge, so you can put your personal stamp on its features and finishes. As an added benefit, many improvements and upgrades can add to your home’s value, increasing your equity even further.
You’re building stability
A home is much more than four walls and a roof over your head; it’s a place where you can truly feel like you’re creating a stable base for your family. Consider the bigger picture; after you’ve paid off your mortgage, you can redirect money to savings, investments and ultimately, into retirement, while creating an enduring, secure place to enjoy the good life.