The Advantages of Homeownership
The arrival of COVID 19 in 2020 affected all our lives. The last few years have seen many dramatic changes. These included how and where some of us work, where we want to live, and added stress on everyone. The Ottawa Real estate market has been very dynamic since 2020. To further complicate our lives, inflation is at an all-time high. These uncertainties have made some of us sit back and reconsider our perspective on homeownership and whether or not it is the best way forward for ourselves and our families.
In the past, renting was a viable option for many. The dramatic increase in rents and low vacancy have made this a less desirable option. While property prices have been dramatically on the rise as well, some people may be wondering if buying a home is worth the price. See below some ways to get into the market and how it will benefit your life.
There are many advantages to homeownership:
The decision to buy a house or condo is one of the most important ones in your life. It doesn’t matter if it is a starter home, condo, upsizing or even downsizing. Past trends show that it is likely that long term, property values will continue to increase. The Ottawa real estate market is one of the most stable in Canada. Over the last 20 years, the value of Ottawa homes has increased. There can be short-term fluctuations; however, the values have risen consistently.
You are one step closer to owning your home and building your equity with each mortgage payment. While you rent, you are simply paying to rent the space and not building any equity in the property that you could potentially borrow from in the future. The longer you live in your home, the higher your investment return on your investment will be realized. Unlike any other investment, the equity you have built up in your home will not be taxed when you are ready to sell the house.
The trade marks displayed on this site, including CREA®, MLS®, Multiple Listing Service®, and the associated logos and design marks are owned by the Canadian Real Estate Association. REALTOR® is a trade mark of REALTOR® Canada Inc., a corporation owned by Canadian Real Estate Association and the National Association of REALTORS®. Other trade marks may be owned by real estate boards and other third parties. Nothing contained on this site gives any user the right or license to use any trade mark displayed on this site without the express permission of the owner.
powered by WEBKITS