In spite of the economic climate that most of the country is dealing with today, there are still a lot of good reasons to buy a home. Regardless to the state of the economy, the prospect of owning their own home is still a dream come true for many people. With the equity that you can build in your home, this is also a long term and one of the safest investments in your future.
According to the Toronto Real Estate Board 2011 was the second best year on record. "Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.
Interest rates are also historically low. You might think that it would be beneficial to wait and see if these rates drop even lower, however by waiting you are taking the chance that they will instead rise. If this happens you will miss out on this opportunity that could be a once in a lifetime opportunity.
Another, and perhaps one of the biggest benefits is that once you buy the house, it is yours. You can paint it or remodel it in any fashion that you please. If you want to remove walls and add another bathroom, you can. Any remodeling you do that increases the value of the property will benefit you. When you rent, even if the landlord will allow you to paint or do some minor remodeling, it will be of benefit to them when you move out.
Many times it is difficult to find rental properties and it can be nearly impossible to find a place. By owning your own property you can be rest assured that you will have a permanent place to live, without the threat of being asked to move. Also with the low interest rates it is very often less expensive to buy than to rent.
These are only a few of the reasons to buy a home right now if you can. Eventually the economy will stabilize again and some of these opportunities will be gone. Home ownership can be a very rewarding experience. If you can afford to realize the dream right now, then you should.
