Advantages of Homeownership

In a rapidly appreciating market like the Okanagan, I receive many questions about whether it makes sense to get out of renting and own a home. If you're wondering whether home ownership is right for you, a good place to start is by weighing all the 'pros' and 'cons'. Consider the many advantages of owning your own home. There are many practical and financially sound reasons for buying your first home, whether you start with a condo, a duplex flat, a townhouse, or even a single family home:

Home ownership is an excellent way to build equity. That's an important consideration if you're trying to build some financial stability - especially if you happen to be single and are doing it on just one income.

There's the security that comes with making an investment for the future. When you own your home, you have a resource to fall back on.

Paying a mortgage off is usually better than 'throwing money away' on rent. You could be paying high rents for years, adding up to many thousands of dollars, yet never end up with anything that's yours.

Your rental expenses can often be out of your control - possibly now, but particularly in the future. However, if you lock in a long term mortgage, you'll know exactly how much your payments will be for years to come.

Owning your own home gives you the option of earning extra income, either by renting out the entire property or by taking in a tenant.

Homeownership affords an asset to borrow against if you ever need to. Even if your mortgage isn't paid off, you can still borrow against the equity of your home � and at far better interest rates than you'd normally get for almost any other type of personal loan.

Property values are expected to continue to appreciate throughout 2007 and 2008, so your investment is earning a good return while you enjoy it.

There are other exciting reasons to consider home ownership. You'll gain independence and pride of ownership. The feeling of satisfaction and accomplishment it gives is one of life's great pleasures. Want to know more about the advantages of home ownership? Your local real estate professional has a wealth of knowledge to share. Why not call today? Ask them questions about current financing trends and what are the steps to owning your first home. Ask them about their experience in helping a first time home buyer and make sure you find a real estate agent who is empathetic to your situation. What may seem like a stretch now is often one of the most rewarding decisions a few years down the road.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.