Are you thinking of buying your first home?
At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. And purchasing a home is one of the biggest decisions most people ever make.
Some advantages of buying a home:
· Owning a home is generally considered to be a sound, long-term investment that can provide satisfaction and security for you and your family.
· Each month when you make your mortgage payment, you are building equity in your home.
· There is also a tax advantage. If your home is your principal residence, any profit you make when you sell it is tax-free.
· As an owner, you can also decorate and improve your home any way you like.
If you do decide that home ownership is right for you, it’s important to choose a home you can afford. If you can’t afford to buy your dream home, purchasing a more modest home can be a great place to start building equity that one day may allow you to buy the home of your dreams.
Since we’re currently in a buyer’s real estate market and interest rates have been dropping, now may be an ideal time to enter into home ownership for the first time.
If you’re thinking of buying your first home, contact Jennifer Lewis with The Mortgage Centre for all of your mortgage-related questions.
Click here to reach Jennifer or call her at 705-224-1238