Top 7 Reasons to Buy a Home

Photo by Johnson Johnson on Unsplash

Owning a home can come with a lot of benefits, both financial and personal. Here are the top seven reasons to buy a home.

1. Equity Building

   • As you pay down your mortgage, you build equity, which is essentially ownership value in your home. It’s like a forced savings account.

2. Appreciation

   • Real estate generally increases in value over time, so your home could be worth more in the future than what you paid.

3. Stable Housing Costs

   • With a fixed-rate mortgage, your principal and interest payments stay the same over time, unlike rent, which can increase.

4. Potential Rental Income

   • You can rent out part or all of the property to generate income, especially if you have a basement apartment or buy a multi-unit property.

5. Stability

   • Homeownership offers long-term housing stability and a sense of permanence, which is ideal if you're planning to put down roots.

6. Security

   • No worries about being asked to move out because a landlord wants to sell or raise the rent.

7. Long-Term Peace of Mind

   • Once your mortgage is paid off, your housing costs can drop significantly, especially in retirement. That can provide a significant sense of peace of mind later in life.

If you are considering purchasing a home, here are some things to consider:

• Income: Do you have stable income? Housing should be no more than 28% of your gross income, and total debts should be no more than 36%.

• Credit score: Aim for a score of at least 620 for conventional loans; higher scores result in better rates.

• Get pre-approved for a Mortgage by contacting a mortgage professional

  • This indicates the amount you can realistically borrow.

  • Makes you more competitive when you’re ready to make an offer.

  • Shop around for lenders—rates and terms can vary.

Click here to check your eligibility.