Home ownership may be the biggest
investment you will ever make. Buying your first home
can be both exciting and a bit scary. There are many
benefits of buying and owning your own home, which
are outlined below.
The most important thing you can do when deciding
to purchase a home is to take your time and do your
homework. A Coldwell Banker REALTORŪ can help you understand
all the consideration factors in order for you to
make a wise choice.
There are many benefits to owning your home. Below
provides a list of the top benefits:
Security
Lifestyle
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When you own a home, you have
greater freedom to decorate and renovate your
home as you wish. In some cases, you might even
get a financial return on your renovation or decorations
when you go to sell.
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In addition, owning your own
home may afford you more privacy.
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Lastly, many homeowners get
a lot of enjoyment and satisfaction from owning
their own home.
A
financial investment
Home ownership is often the cornerstone
of personal financial wealth. Once you own a home,
you can often borrow against this equity when buying
future investment properties.
When you carefully choose a home
you can afford, the payoff can be great. Each month
when you make your mortgage payment, you're building
equity. Equity is the portion of the property that
you actually own through your payments, versus the
portion that you still owe the mortgage lender. The
longer you stay in your home and the more mortgage
payment you make, the more equity you'll have. And
unlike most things you buy, a home can actually appreciate
or increase in value as time passes, building more
equity. However, there is no guarantee that the home
will increase in value.
Lastly, there are also tax advantages. If you sell
the home at a profit, the capital gains (profit) is
tax-free.
In
some cases, less expensive
Owning your home may actually be
less expensive than renting, especially in Yellowknife.
Your monthly mortgage payments may be less than what
you would pay in rent for a comparable home. However,
there are also additional costs associated with owning
your own home including insurance, maintenance, utilities,
etc. that you will need to consider when determining
whether to buy or rent.
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