There are lots of good reasons why home ownership is appealing, especially in Northern Ontario, where I live and work, and where purchasing a home is more affordable than Southern Ontario. Here are some major reasons why you should stop renting and become a Homeowner:
- Investment – most years, real estate will increase in value – although in Sudbury our property values increase as the price of nickel does – but still, overtime, owning your own home is a safe, long term investment.
- Pets – you can have them in a house that you own – not rent – a cat and a dog! For some renters, who pay an apartment premium to have a pet or pay an additional pet deposit, owning a home just makes good sense for them and their pets.
- No Landlord – you are your own boss and don’t have to wait for anybody to fix the leaky tap or replace an old appliance plus the regular maintenance work you do on your property, adds value that will pay off in the future.
- Privacy – with home ownership, you can eliminate hearing your neighbour’s TV through the walls or their partying on a Sudbury Saturday night and that means less noise – more sleep – for you!
- Forced Savings – a portion of your monthly mortgage payment will go towards the principal of the loan – treat it as a savings plan, building up valuable equity – your future-self will thank you.
Here in Sudbury, rents are going up – rarely do they ever decrease – making buying a home even more desirable and when combined with the long-term benefits of building your net worth and living in a stable environment, there are more advantages to owning rather than renting your next home. (I’m ready for that debate anytime!)