Making the decision to purchase a home is a big deal. It is considered by many a rite of passage and one of the first steps into adulthood. It means making a commitment and putting down roots. It also means not having to pay rent or live with your parents any longer. Of course, as with all big investments, it is not to be taken lightly and should be done only after doing careful research to educate yourself.
Investing in a home should be entered into carefully with an understanding of all of the obligations you will be taking on. That being said though, buying a home is an exciting endeavour and when done properly will set you up in many positive ways. If you enjoy the sunny Okanagan and are considering purchasing a home, the Penticton real estate market is a great place to start your search. So keep these benefits in mind.
- Investing in Your Future
When you are renting you do not need to worry about things like maintenance, taxes or house insurance. However, you may want to consider the fact that any money you put into a rental property goes into someone else’s pocket. When you purchase a house you are investing in your home and every cent you pay goes into it. A residential property is an asset that appreciates. This is a good thing in the long-run.
- Adding to Your Equity
Every mortgage payment you make adds to the equity in your home. It is like putting money into a savings account each month and similar to a savings account you can plan to use it later in life. You can also utilize it to buy a second home or to do some much-needed renovations. There is also the likelihood that housing prices will climb over time so this will add to the equity sitting in your property and not your landlord’s.
- Knowing Your Housing Budget Going Forward
One thing about renting is it’s not always as stable and as long-term as we would like. Landlords can choose to sell their property or stop renting it at a moments notice and you then must find a new rental property. Not only is this a hassle it can also affect your bottom line. Oftentimes rental units increase over time and you may suddenly find yourself paying more. A mortgage can be fixed so you know your budget for years.
- Becoming Attached to a Neighbourhood
One of the biggest benefits of buying does not have to do with money but instead with meeting more of an emotional need. Purchasing a home in a neighbourhood means you are now an established part of the surrounding community. Plan to buy in an area you love so you find yourself committed and enjoying the place you call home. Your kids will get to know their neighbours and moving won’t be an unexpected issue.
- Creating Stability in Your Life
When renting it often feels as though the next move is right around the corner. Not owning the home means the circumstance you are living in can change at any moment. After buying a place you can finally relax and not think about anything but making it customized to your needs. You and your family are in control of the living situation and any move will be made on your timeline and not someone else’s. This creates stability.
- Making a Home Yours
Being able to do whatever you like with the home you live in is such a great feeling. You can modify your living space to suit you and your family’s needs and you do not have to worry about upsetting the landlord. Any home improvements you choose to do will help to increase the equity in the property so there is an incentive to fixing up the home and keeping it in good condition. Paint how you like and change what you want.
- Adding Pets to the Family
While there are rental properties that allow cats or dogs the majority do not. This means being a renter and getting a pet can put you into an uncomfortable situation that is a bit risky. If you have to move for some reason it may be difficult to find another unit that allows animals. When you have purchased a place you can get as many pets as you like and not have to worry about it. You can finally get the dog you want.