Considering Buying a Home

Source: Hannif Highclass
Publish:My Blog: 09/07/2011

Renting vs. Home Ownership 

The advantages of owning or renting are different for everyone, so be sure to consider important personal situations and long-term goals before making your decision. This is a decision which many people face, and the decision is not as easy to make as it may sound.

As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in apprised property values, can be a rapid and rewarding way to increase your net worth.

In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the opportunity to invest in other opportunities.

When comparing owning to renting, you have to add up all of the figures, including

• the cost of your home,
• the size of your down payment,
• utilities cost
• immediate repairs,
• interest rates and home insurance,

and compare them with how much you are currently spending on rent.

Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.

If you’ve decided to buy, there’s a lot to consider. Our Home Buyer’s Checklist is a great way to help decide what’s important to you and to compare homes you look at. Use this worksheet to guide you.

click here: CMHC GUIDE TO HOME OWNERSHIP

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