The Benefits of Owning Your Home

There are many reasons people decide to purchase property. For many families and individuals, owning property is a way to support financial freedom and invest their money. For others, it’s a form of income through rentals and vacation properties. I’ve listed below some of the many benefits to owning your home. Read more to learn!

You’re Building Equity

With such a hot housing market in the GTA, rent is about equal to your average mortgage payment depending on the home or property. When you own your home and are paying into a mortgage you are building equity. Equity is a degree of residual ownership in an asset after looking at and subtracting all your personal debts associated (like your mortgage).

This means, even if you wind up changing your mind about the property before your mortgage is paid off, you walk away with a portion of what you would have paid into rent depending on whether or not the property went up or down in value.

A Feeling of Permanence

Unless foreclosed on by the bank, that property is yours. This brings many families and individuals a sense of permanence and peace of mind knowing that the only reason they’d leave would come from them.

Rent Gradually Increases

While rent gradually increases, your mortgage does not. This means that if you plan to stay in the same location for a long time, it will cost you more in the long run. Another benefit is that not only are you building equity, but you’re ensuring this