Non-Financial Benefits of Home Ownership

Homeownership is so much more than a financial decision. 

There are two major questions on buyers’ minds in today’s market:

1. Though prices have been decreasing for a few months, How Low Will Prices Go? 
2. Interest rates have increased considerably, and though the rate held in the last BOC announcement, the question is: When will rates start coming down? 

Both are important questions. This article will focus on the non-financial benefits of buying and owning a home, and there are a number:

The Downside of Renting

1. The rental market has experienced sizable increases in the cost of renting. These increases can create upheaval regarding your living arrangements as a tenant. You may be living in a rental with rent control guidelines, yet these guidelines do not apply to new buildings, additions to existing buildings and most new basement apartments occupied for the first time after November 15, 2018.
2. Landlords may choose to sell if they cannot get the rent needed to maintain their ownership. This can cause a lot of frustration for everyone, including the tenant who is asked to vacate if the landlord or a bona fide buyer wants to move in.

Security and Comfort for You and Your Children

If you have children, buying a home can give them and you the stability needed in an ever-changing world environment. It gives your family a sense of security and comfort.

Ownership Gives a Sense of Control

Owning a home gives you more control over where you live and how to make your home more suitable to your taste and lifestyle. This is true whether through making small changes (such as painting and decorating) or sizable renovations (an addition or a kitchen/bathroom reno), without requiring permission from a landlord. How you modify and tailor your home can give you a sense of pride as you feel connected to it.

Promotes Community and Civic Engagement

Homeowners tend to become more engaged and connected to their community and neighbourhood. This connectivity can give you the desire to contribute to your community in whatever way you can.

An Economic Driver and Equity Builder, plus 

Besides being an economic driver, as well as affording you the advantages mentioned, home ownership can also help to promote lower rates of crime.

Home prices will bottom out at some point.

One thing is for sure, over time the financial benefit can grow your equity and therefore your wealth. If you can afford it, buying now is always a good rule of thumb. In the spring buying will become more active and potentially competitive.

One way to improve your life is to buy a home.