Owning a home is considered to be a rite of passage for many Canadians. It symbolizes independence. You set the rules, make the decisions, take financial responsibility and invest in your future.
Renting doesn’t give you much control over the property. You are under the landlord’s mercy when it comes to following rules written in your lease agreement. Renters with changing needs must also deal with changing properties. There isn’t an option to modify your living space to better suit your needs. Homeownership means you can choose a home that is best suited for you or modify it on your terms.
Owning your own home in a neighbourhood full of other homeowners creates a sense of community. Putting down roots in a great community can lead to friendships with neighbours to community involvement and stability for your family.
Moving from rental to rental is an inconvenience and can be an emotional burden. You never really know where you’ll be living next, or what your expenses will be. Homeownership increases sustainability and stability. It allows you to invest financially and emotionally in your home and community.
Homeownership is an investment for your future. Unlike a car, a house appreciates in value over time. As you pay down your mortgage each month, the mortgage balance goes down, while the value of your home continues to rise. Many Canadians rely on paying off their mortgage to significantly reduce their living expenses so they can retire. As a bonus, in most cases, you don’t have to pay taxes on the appreciation of your home when you sell it.
So why doesn’t everyone own a home? Homeownership is inching further out of reach for many Canadians each year. Property values are rising, and the government is continually making changes to mortgage qualification rules. Two common challenges we see are not having a down payment or having less than perfect credit.
There are companies that help bridge the gap between buying a home and qualifying for a mortgage. Bridge to Home Ownership is a program that helps lead people down the path to homeownership. They work with you to save for a down payment, fix minor credit blemishes, all while you live in the home that you’ll own. Bridge to Home Ownership works with experts in the industry to guide people throughout the home buying journey.
Stop lining your landlord’s pockets with money and start building equity for your future. What is stopping you from owning a home?
Contact a member of The Biggar Team to start a mortgage pre-approval today and begin the journey to homeownership.