6 Reasons to Buy a Home in 2016

2016 is a great year to jump into the real estate market. Here are a few reasons why people should consider purchasing a home.

1) No More Renting

When renting, the mortgage payments of the landlord are being paid off by tenants. With a down payment and good credit score as well as a suitable mortgage amortization period, it is easier than ever to own a home. Renters should consider buying a home as it has many benefits and they could be paying down their own mortgage instead of someone else's.

2) Investment

The prices of homes continue to increase every year. Just in Ontario alone, the prices of all types of homes including detached, semis, town homes and condos have increased substantially this year from last year.

3) Equity

Owning a home is a form of savings. As the mortgage is being paid, equity is being built. Homeowners can access their equity by obtaining a home equity loan. The equity can be borrowed for a wide variety of reasons including starting a business, medical reasons, home improvements etc.

4) Freedom

Homeowners have freedom to create a living environment that they like. They can paint the rooms any colour they like, do renovations, own pets. Renters on the other hand, may need to get approval for certain changes they would like to do to their rental.

5) Low Interest Rates

Low interest rates make home buying very attractive. The low interest rates can be locked for several years.

6) Tax Benefits

There are tax benefits with owning a home.

References:

Discover

https://www.discover.com/…/arti…/advantages-of-homeownership

Big White Property Group

http://www.bigwhitepropertygroup.com/buyi…/9-reasons-to-buy/