Stats Canada reports that more than 70% of Canadians own their own home. Its seems that the majority of folks are subscribing to the notion that since we all have put out a great deal of money to live somewhere, why not purchase a home as Real Estate can be a solid investment.
Renting certainly has it’s place. Renters enjoy freedom from the responsibility of home ownership such as landscaping, snow removal, repairs/maintenance, home improvements and remodelling. Renting is great for individuals who are not going to remain in one location or city for a long period of time. Renting also works well for those who enjoy the low stress option of having one all inclusive monthly fee to pay for the roof over their head without having to worry about property tax, utility bills, maintenance, condo fees and so on. On the flip side, renters will have no investment in or from the property and never build equity. Renters can experience the added stress of rent increases and the possibility of eviction.
Home ownership comes at a cost. When preparing to purchase a home, buyers need to create a financial plan in order to ensure that they have the downpayment, land transfer tax, home inspection fees, moving cost, and other expenses accounted for. When saving for a down payment many folks work extra shifts and focus on saving money in order to reach their dreams of home ownership. Home owners are free to decorate and make improvements as they desire and tend to have more living and storage space than typical rental apartments or homes. Some of the biggest benefits to home ownership is appreciation and equity. First time home owners love that the investment of a first home can lead to upgrading to a larger home in the future. Of course, with the many positives there are things such as cost of repairs, increasing property taxes, security concerns, ongoing maintenance and property insurance that can be seen as negatives.
If you are thinking about home ownership and would like to find out more. Please contact us at info@leadinglondon.ca to discuss making your dream of home ownership come true!
