Stop wasting money on rent
Why contribute to someones mortgage payments when you could be paying off your own? As the rates for rent continue to rise, the cost of carrying a mortgage can be comparable to monthly rent payments.
Ex: Mortgage payments on a home that cost $250,000 at an interest rate of 2.59% with 5% down payment would be $1,118.
Build Equity & Investment
Real estate is one of the safest long-term investments you can make. The Winnipeg real estate market is very stable, every year the value of homes increase, and appreciate in value. One of the most beneficial things about owning a home is that you are building equity. The more mortgage payments you make, the more equity you build almost as if putting money into a bank account. You may borrow against the equity you have built in your home for a wide variety of reasons including home improvements, or even starting your own business. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
You don’t have to worry about your house being sold out from under you to out-of-province investors. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase to your rent, thereby leaving you potentially homeless or too poor to eat. These increases could continue indefinitely so the investors can make more money or so that you will feel forced to leave and they can turn your building into a condominium.
Low Interest Rates
Taking advantage of some of the great interest rates being offered will help you get your foot in the door of home ownership. It is a great time to get into the market, lock into a good interest rate and build equity. We work with mortgage specialists who go above and beyond for our clients to get you the best rates available.
If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
You are free to do what you want in your own home, whether you want to paint the walls in pink and black zebra or put carpet on the ceiling (not recommended of course!) You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. Just keep in mind that when you are ready to sell your home, not everyone may like what you do.
Sense of Community
Owning a house gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.