It is always nice to put your feet up and relax after arriving back home from a hectic day at work and that warm glow of happiness and satisfaction can often be heightened by the knowledge that you own a stake in the roof over your head.
In case you still need any convincing about the positives of being a homeowner here are some excellent reasons why you might want to get on the property ladder.
The chance to increase your financial outlook
As with any type of investment, you should never assume that you are going to make money from investing in real estate, but historically, home ownership has proved to be a fairly good bet.
It is always a good approach to view owning your own home as much more than just a financial play, but when there is the chance that your property will increase in value over time that has to be considered a big added bonus.
A good financial discipline
One of the first things you will probably discuss with someone like Calgary mortgage broker Josh Tagg, for instance, is what the monthly payments are going to be when you buy your own home and you will no doubt appreciate the scale of the financial commitment you are making.
Taking out a mortgage instills a decent level of financial discipline in you and the fact that you are agreeing to make regular monthly payments could be viewed as a positive in that you are, in theory, subscribing to a long-term “savings” plan.
Improving your options
As time goes by and the payments you make reduce the balance you owe on your mortgage you may also enjoy an increase in the value of your home.
This two-pronged approach could mean that you build up a chunk of equity in your property.
Having equity increases your financial strength and gives you options, such as moving to a bigger house and using some of the capital you have accumulated to fund the deposit needed.
A better retirement
Looking ahead, do you really want to be paying rent even when you are retired?
Being a homeowner means that you will own the house outright when you have paid off the mortgage and that means that you could enjoy a more prosperous retirement of you don’t have to spend your income on rent payments.
You control your destiny
On the subject of being a tenant, there is always that uncertainty that you could be evicted at any point in time, even if you have never missed a payment.
Being a homeowner allows you to plan with more certainty and control where you live and for how long, provided you keep up with the mortgage payments.
Put your own stamp on a property
Being a homeowner lets you remodel and refurbish without having to ask permission from a landlord and money you spend on home improvements could increase the value of your home as well.
There are more emotive reasons to own a home than the prospect of enjoying some tax advantages but it is still an aspect of ownership that is worth highlighting.
Although some tax benefits have been reduced over time there could still be some tax advantages that make home ownership a real no-brainer, depending on your circumstances.
These are just some of the compelling reasons why you might want to become a homeowner and once you have made that decision it is then that you might appreciate even more the benefits that the status of homeowner delivers.
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