9 Reasons to Buy
There are many reasons why you should consider jumping into the real estate market and buying a home. Below is a list of 9 reasons why you should seriously consider it.1. Stop Paying your Landlords Mortgage
Why contribute to someones mortgage payments when you could be paying off your own? Surprising to many renters, owning your own home can be about the same and in some cases less than what you're paying in rent. Interest rates are still at an all time low and with as little as 5% down you could be on the road to home ownership. I can introduce you to an expert banker who can help get you qualified.
2. Security
Owning your own home gives you the comfort of knowing that your home won't be sold from under you as can often happen when a landlord decides to sell an investment property. Home ownership also allows you control of your own costs and timelines as opposed to wondering what your increase will be etc.
3. Investment
The price of real estate continues to increase every year, therefore purchasing real estate is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own your first home and have guilt some equity in the home you might then be in a position to move up within the market or possibly become a landlord yourself and purchase an investment property. Home ownership does allow you to have options.
4. Low Interest Rates
Right now we have some great interest rates which will help you get your foot on the first rung of home ownership. It is a great time to get into the market and lock into a really good interest rate and build equity.
5. Pride of Ownership
One of the biggest reasons people buy properties is the pride of saying they own something. Even if it is a little starter home or apartment style condo, it is yours and you can do with it as you please, and for that, a person should be proud, as ownership is an accomplishment.
6. Privacy
If you own your own home, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
7. Equity
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business. If you're contemplating this, it's best to discuss your options and financial implications with a banker who is an expert in this area. I can assist you with finding the right banker for your needs.
8. Freedom
You are free to do what you want in your own home, whether you want to paint the walls in pink and black zebra or put carpet on the ceiling (not recommended of course!) You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. There are some limitations on condominium ownership and you should consult the bylaws before making any major changes. Always keep resale appeal in mind.
9. Sense of Community
Owning a home gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.