Owning a home is the Canadian dream for many of us. At some point, we all dream about living in a space that is intrinsically our own. Where we can fully express ourselves without worrying about landlords and the other inconveniences that come with renting.
Right now, you might be casually looking at Edmonton homes online, browsing through the listings from the comfort of your apartment or rented home. You might be toying with the idea of buying a home. For many of us, we’re heard the advice from friends and relatives, that buying a home is far superior to renting. But why is that the case? Is it simply to have the pleasure of calling yourself an Edmonton homebuyer?
Let’s take a closer look at the top five reasons to own your own home:
Pride and Freedom
For many buyers, pride and freedom are the number one and two reasons to own their own home. When you own a property, you are not beholden to any landlords or rental agreement. If you want to paint the walls, you can, if you want to knock down a wall, you can (as long as it’s within safety and building codes). Many renters feel locked into their leases with few options to make the space their own. Additionally, you might have restrictions on noise, pets, and more. With your own house, you have the freedom to do whatever you want.
The way amortization works, is that all of the interest on your home purchase is added to the mortgage amount lent. This essentially means that your first few mortgage payments will probably amount to only the interest payments before you start paying off the principle. However, once the principle starts getting paid down, this equals increased equity. As you continue to pay down the mortgage or make improvements to the home over the years, the property value will go up and the amount you owe on the principle will go down. This is helpful when trying securing other loans or making other large purchases.
When you are renting, you are essentially helping someone else build equity and pay off someone else’s mortgage. So, why not cut out the middleman and do it for yourself?
Appreciating Home Values
Although there’s no guarantee that home values will increase over a certain period of time, general data shows an overall upwards trend over the years. This means if you buy a home today and sell it in 20-30 years, you will most likely see a profit.
A Stable Life
If you have ever lived the renter’s life where you moved from one year-long lease to another while constantly moving and trying to find a place that works with your lifestyle, you will appreciate the stability and calm that comes with owning your own home. Planting roots in one neighborhood and staying there for years to come will increase the stability in your life and allow you to really find a place for yourself in the world. Not only will you discover a healthy routine, but you’ll also discover favourite places to go for things like groceries, brunch, date night, and more. You’ll also get to know your neighbours and truly be part of a thriving community.
When you’re renting, you are at the behest of your landlord. At any time, they are able to raise the rent or change the parameters of your rental agreement. With a fixed-rate mortgage, you know exactly what your mortgage payment will be for the foreseeable future until it’s time to refinance. This will make planning for expenses easier and give you a better base to create household budgets. Additionally, in many cases, mortgage payments actually end up being lower than rent for many homeowners. However, keep in mind that as a homeowner, you are now in charge of paying for things like house insurance, property taxes, and all the utilities.
Whether you live at home with your parents or you are currently in the middle of a rental agreement, buying a home is often the best choice if you’re looking to branch out and succeed in the world. You will enjoy freedom and comfort, as well as financial stability. To learn more about the endless benefits of becoming an Edmonton homebuyer, contact Ryan Dutka Real Estate Solutions at 780-988-0001 today.