There are lots of good reasons why home ownership is appealing, especially now during the pandemic, when it seems that everyone wants to own piece of paradise to hunker down until it’s safe to start our new normal but you can also take your pick from the following:
Most years, real estate will increase in value and overtime owning your own home is a safe, long term investment. Right now, mortgage rates are very good – making it an excellent time to buy or re-mortgage.
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. (Although, good luck finding a pet to adopt right now because just like an island, everybody wants one!)
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.
With home ownership, you can eliminate hearing your neighbour’s TV through the paper walls or having to live on top (or below) people you really don’t like – allowing you to live your best life, right now.
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. (You’re welcome!)
If you have been working from home, you know how important it is to have a work-life balance with space in your home for both. Owning your home allows you to create separate worlds, free of landlord restrictions, where you can tear down a wall (check first for supporting beam) if that’s what brings your Chi into balance.
I know it’s boring to say that owning your own home is a sensible, sound decision but think about it this way: You’ll live in a stable environment and answer to practically no one while building your net worth and maybe, someday if you’re lucky, you’ll get to own a dog.
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