What Are the Benefits to Home Ownership?
Pride of Home Ownership
Pride of home ownership is likely the number one reason why you desire to buy your own home. There is no landlord looking over your shoulder and you are free to improve your home knowing that any appreciation that results will be to your benefit. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.
Most renters now adays feel like they are missing out by not being in the home market. In the Metro Van area, homes have appreciated considerably over the past decade and in doing so have added substantially to their owners' net worth. Unlike stocks and bonds, you get to live in your real estate investment. Do your stock market shares keep you warm and dry at night? Also, in Canada your principal residence is exempt from capital gains taxes.
Mortgage Reduction Builds Equity
Each month, part of your monthly payment is applied to the principal balance of your home loan, which builds your equity. You can borrow against a home's equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can pay off your own?
Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they can use, improve and sell. A home is a safe store of wealth particularly in the land-locked Vancouver area.