Are you on the fence between renting or buying? Here are some examples of why it makes more sense in the short and long run to own your own home, instead of continuing to rent:
Appreciation in Value
The Canadian real estate market is booming and Stittsville is growing in demand. With no changes to a home at all, the increase in demand and land value alone could result in selling your property for far more than what you paid in the first place. With small upgrades to keep your home up-to-date in terms of aesthetics and efficiency, you can easily make a profit that far outweighs your initial investment.
Also factor in the fact that your home will build equity every month, and as times goes by this will continue to increase. Rent, on the other hand, is susceptible to rate increases that chip away at your budget while providing no additional value, benefit, or return.
More Money in Your Pocket
In the Ottawa area, it’s hard to find a townhome or condo available for under $1,500 per month. The more modern, larger, or better located the home, the more you can expect to pay in rent. Compare this with the fact that a $250,000 mortgage would require approximately $1,500 in monthly payments, depending on amortization, product, and interest rate. The monthly payment would be even lower depending on what size down payment you are able to provide. In comparison to current (and rising) rent prices, home ownership may already be more affordable than you think.
Though turnkey Stittsville Walk townhomes are perfectly appointed with superior features and amenities, you still have complete freedom to make any interior changes you wish at any time. It goes without saying that this is not a freedom enjoyed by renters.
Paint the walls. Change hardware and fixtures. Replace appliances without having to seek approval for specific products. In short, feel free to live in your own habitat, undisturbed and free of the restrictions experienced by renters. Gone are standardized living conditions associated with renting property, replaced with total freedom to whatever do you wish in terms of changes, alterations, or new projects that will make your home truly your own.
Privacy and Peace of Mind
Once you own property, it is yours for the rest of your life or until you decide to move on and sell. It also provides the opportunity to sprawl out and enjoy your own private dwelling, free from the claustrophobia and close-quarters drama associated with high-rise apartment rental units. Relax and unwind in your own backyard!
Whether you buy a townhome or carriage home, owning a property allows for peace of mind knowing that you’ll be free from apartment hunting, dealing with noisy neighbours who come and go, and better able to focus on making great memories while building a secure financial future.
So many Canadians dream of finding their own private place of permanent comfort, where they’re free to live out their lives. It’s easy to see why being a homeowner is a major goal for so many. Be sure to weigh the pros and cons of owning and renting property, as in the end you are looking for a place to truly call your own.
Interested in buying a home in an inviting and warm community? Check out Stittsville Walk’s wide array of available townhomes and carriage homes for sale today in the heart of Ottawa’s west end.