Benefits of homeownership
  • Sense of stability and security.
  • Tax benefits; owners are able to write off mortgage interest and taxes paid on the home on their income taxes*.
  • Earn equity
  • Create retirement security

 

Considerations
  • Financial investment, including securing the mortgage loan (with the down payment, home inspection and any other associated fees)
  • Property taxes
  • Maintaining the property and making home repairs
  • Potential lack of flexibility to move when the market is not favorable

*Please consult a tax advisor for further information regarding the deductibility of interest and charges.

 

Review Your Finances

  • If choosing to purchase, the purchaser should review all costs associated with the initial investment and have savings or a savings plan in place to help cover unexpected costs.

 

  • If choosing to rent, the renter should make monthly investments in a savings plan. Investing money for the future can make a transition from renter to homeowner smoother.