So, you are serious about owning a home, great. In my opinion home ownership is a noble goal and something that I think everyone should strive for after all that old saying; “a Man’s house is his castle,” is still very true. When I started to think about the angle from which I could talk to you this month about this topic of home ownership I came up with several avenues. At first I thought of telling you how wonderful the JTA Co-op Credit Union Ltd. is and how we offer one of the best mortgage rates on the market. But I presume you already know this, I thought also of telling you that now is the time to go after that dream house or maybe your first house, but you know that too.
Then I thought I should encourage you by highlighting a few benefits that go hand in hand with home ownership. I know you will find these tips really interesting, but more than that, I want to encourage you to move on and take those necessary steps toward owning your own home.
Here are just a few benefits to home ownership that I came up with. I hope you find them useful and that they will help you make the right moves, pun intended.
Some people are fortunate enough to be able to remain at their family home for several years, but for most people as they step over into adulthood they will leave home and inevitably be paying rent. As a rent payer one of the things you quickly realize is that from year to year your rent amount increases. It can be a bit disheartening to think that your rent may or will go up especially if your salary does not increase proportionately to the rent ask/amount.
Contrast this with owning your own house. I know that for the average person you will be paying a mortgage however if you pay a mortgage that has a fixed interest rate your payments will be predictable from year to year and indeed manageable too. Knowing how much you will have to spend on housing gives you power and control over your finances. Make sure you ask for a mortgage contract that has a fixed rate, that way the interest rate will never change, and you will have better control of your finances.
Yes, that’s right a house is a wealth builder, when you own a house if you maintain it and make your regular monthly loan payments you increase its value and your wealth holding will likewise increase. In addition to this if you are able to rent a portion of the house then you will have an immediate source of income.
If you are concerned at all about leaving something behind for your children and help to create generational wealth, then owning a house is definitely something to consider. Most people we know today who are considered wealthy got their wealth from owning property. So why not set your loved ones on a path for financial growth? Buy a house.
This is perhaps my favourite benefit of home ownership. A 2019 survey of Habitat for Humanity homeowners found 74% of homeowners saw an increase in their families’ health. Some of that may be due to the feeling that when you own a house you are safer. Living in a place that is all their own and are not at the mercy of a landlord gives peace of mind. Let’s face it if you own a house there is little to no need to worry about where you will lay your head at night, especially as you grow older. There is no anxiety that you may be given an eviction notice or that your rent will increase come next year.
Undoubtedly a house is a desirable possession that I believe everyone should reach for. There are some however who may ask where will they find money to buy a house? As a member of the JTA Co-op Credit Union I think you already know the answer to that question. Since you are ready to purchase a house I invite you to identify your property then come in and talk to us let us help you reap all the benefits that exists with homeownership.
