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
- 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.