Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the Canadian first-time homebuyer tax credits – have brought first-timers to the market in droves throughout the year.
On top of the programs which allow first time homebuyers to withdrawl up to $25,000 from their RRSP and non-payment of the firsat $2000.00 in Land Transfer Tax we are also experiencing historically low interest rates which make now the perfrct time to buy a home in Windsor Ontario Canada. Visit your #1 source for Windsor Real Estate. We are here to help.
Today’s opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.
1. Pride of Ownership
Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.
2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.
3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.
4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.
5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.
6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.
7. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes. Windsor Ontario is the most affordable place to live in all of Canada and we can help you find your dream home at historically low prices. Visit Windsor Real Estate for more information
8. Tax Benefits
In Canada, the cost of home mortgage interest and property taxes can be tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. Some additional benefits are designed specifically for first-time homebuyers which include using your RRSP and associated deductions to contribute to your first home purchase and provide you with a sizable tax deduction. Call me anytime at (519) 817-5588 or visit windsor real estate and I can help you to get the most out of your first home purchase.
If you have any doubts, contact the #1 source for Windsor real estate. I can answer any questions you may have about homeownership and explain the buying process to you. I am here to help.
