Lynn's Blog

Top four reasons to buy a home in Nanaimo

Top four reasons to buy a home in Nanaimo

Have you decided it is time to buy a home?  Maybe you are renting and you are tired of paying your landlord.  Here are what I believe to be the top four reasons to buy a home:

1. Owning a home is an excellant investment-

Top four reasons to buy a home in NanaimoHistorically homes appreciate anywhere from four to five percent a year. There are factors, of course, that can affect whether or not your home will appreciate each year. For example: the force of Mother Nature, economics, issues in the neighbourhood etc. Many things can play a factor in housing value.

2.  Mortgage payments will stay the same each year -

If you get a fixed rate mortgage when you buy a home, you have the same monthly payment amount for the duration of your term.  For example if you lock in for five years you will know that your payment will not vary for the length of that term.  You may well have had 5 rent increases in that time frame.

3.  Forced savings-

Owning a house is an automatic savings account.  If you are not a good saver- buy a house! You accumulate savings in two ways. Every month, a portion of your payment goes toward the principal. Admittedly, in the early years of the mortgage, this is not much. Over time, however, it accelerates.

4.  Freedom to do what you want -

When you rent, you are normally limited on what you can do to improve your home. You have to get permission to make certain types of improvements. Nor does it make sense to spend thousands of dollars painting, putting in carpet, tile or window coverings when the main person who benefits is the landlord and not you.

Since your landlord wants to keep his expenses to a minimum, he or she will probably not be spending much to improve the place, either.

When you own a home, however, you can do pretty much whatever you want. You get the benefits of any improvements you make, plus you get to live in an environment you have created.

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