As a tenant, you enjoy a few benefits such as fewer responsibilities and more flexibility to move residence. You may still, however, be increasingly interested in acquiring a home or condo of your own.
If this is the case, there’s no denying that you have a lot to gain by becoming a homeowner. The advantages are quite appealing! They may even tip the scales and convince you to take this next step.
Money Back in Your Pocket
While housing is a necessary expense, there is some truth to the commonly held opinion that by paying rent for an apartment each month you’re throwing money out the window. You will earn no return on the money you hand over to your landlord to keep a roof over your head. Conversely, you will eventually get back a portion of the mortgage payments you have made to your lending financial institution (on the principal, not the interests). When you resell your home, for example.
An Inheritance for Your Children
With the current state of the real estate market and with high interest rates, it may be difficult for your children to purchase a home of their own or even to save enough to make their dreams come true. You yourself being the owner of one or more properties means you will be able to leave them a substantial inheritance.
More Freedom
As an owner, you have far more leeway regarding the use of your house or condo. One example is noise levels, like during a backyard celebration or if you have rambunctious little ones. Rental building owners may impose stricter rules: as soon as another tenant complaints about loud neighbours, the party is over! That said, respecting your neighbours must always be a priority, whether you are a tenant or a homeowner.
A Space Where Pets Are Always Welcome
Can’t find a place you like that accepts your fur baby? An increasing number of apartment buildings do not allow animals in their units because of noise and material damages (scratched floors, chewed up walls, etc.). By buying your home, you will never have to deal with this issue again.
A Floor Plan and Decor You Like
Do you detest the apartment’s open concept living area and would prefer a more partitioned space? Do you find the salmon wall paint garish? Would you like to install underfloor heating, but hate the idea of the following tenants enjoying an upgrade you paid for? You need your own house!
Greater Financial Leverage
Real estate is an investment. After having paid a mortgage for a few years, you can remortgage your home to finance a project or another investment. In fact, financial institutions will include your property among your assets, increasing your loan eligibility. Moreover, being a homeowner will also make it easier for you to finance a car, for example.
More Space for You and Your Kids
Of course, if you are renting a house or want to buy a small condo, this advantage doesn’t apply. But one of the most common reasons why tenants decide to purchase a home is to enjoy a bigger yard and more square footage. This is quite a plus, especially as the price of spacious properties decreases the further they are from large urban centres.
A Property That Pays for Itself
Another advantage of purchasing real estate is the option to rent. Often, the amount you receive from the tenant will cover a good portion of the expenses, allowing you to grow your financial wealth.
Are you still seriously considering becoming a homeowner? Contact a RE/MAX broker to start visiting properties that correspond both to your needs and to your budget.