Is Home Ownership Right For You?

While you probably have a lot of good reasons for wanting to buy a home, you also have to consider your reasons for not wanting to.

Remember that buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision. Although buying a home almost always seems like a great idea, it is important
to understand what homeownership involves.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

When most of us consider becoming homeowners, we immediately think of how wonderful it will be. It is true that there are a lot of good reasons for wanting to buy a home. Here are some of the main advantages of owning a home:

• Financial Security. If housing prices rise, your home can provide you with
some financial security due to capital appreciation.
• Flexibility. You can decorate or renovate your home to meet your own
family’s personal tastes and needs.
• Stability. Having a place of your own.

Although it is nice to think about the positive aspects of owning a home, it is
important to consider the downsides as well. Here are some of the main
disadvantages of owning a home:

• Financial Stress: Coming up with the down payment, meeting regular
mortgage payments and other ongoing costs will tie up a lot of your cash,
and can put considerable stress on your finances.
• Maintenance: Keeping your home in good shape requires time and money.
• Higher Costs: You may pay more each month for housing than you did as
a renter. There are also extra costs for maintenance and property taxes.
• More Responsibility: You alone are responsible for payments, repairs
and maintenance.

Now that you have an idea of what to expect, you will have an important decision to make: To buy or not to buy?

If you are thinking about buying in Montreal, I can help find the right home for you.

Posted by:  Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889

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