Are you ready to buy?
Buying a home, especially your first home, can be stressful but also exciting and a lot of fun. There are a lot of differences between owning and renting and each have their own advantages and disadvantages. This guide will help you decide if home ownership is the right choice for you.
- Are you financially stable?
- Can you afford the mortgage, condo fees, and maintenance?
- Are you interested in maintaining a property?
- Can you afford to buy in the areas you like?
Benefits to buying a home
Often buying a home is simply a less expensive option compared to renting when housing appreciation and rent increases are factored in. Owning has more responsibilities and more risk but the advantages include:
- Financial growth through equity
- Leveraged investment with low down payment
- Control of your space to decorate or renovate
- Payments that actually decline in real terms through the life of the mortgage
- Sense of pride in ownership