Deciding to Buy a Home
- Do you enjoy moving often?
- Do you prefer using your savings for such things
as vacations, retirement or starting your own business?
- Do you enjoy not having to worry about regular
maintenance and repairs?
If you answered yes to any of these questions, you may not
be ready to own a home yet. 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.
Ottawa Home Buyers Guide
Ottawa Living is Ottawa's premier online
resource for everything about your home. We provide comprehensive
Ottawa real estate and rental listings, for home buyers, home
owners, and renters. We also have a comprehensive home services
directory for your home shopping and renovation needs. Our
Ottawa home directory consists of the following categories:
apartment
rentals, financing,
home
& garden, home
renovation, home
services, insurance,
lawyers,
moving
& relocation, and real
estate services.
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