If you are renting a home and considering to buy your own, you might be wondering whether it’s the right move and what you can expect. There are always benefits to buying and to renting, depending on your unique needs – but sometimes tenants want to own their own home, which is why a mortgage can be ideal.
Be Your Own Landlord
One of the great benefits of owning a home in Guelph is the fact that you will be your own landlord. No one will be able to kick you out of your property except for the bank, which gives you peace of mind, knowing that your home is secured.
On the other hand, landlords can often decide to simply sell the property, or even choose to come and live in the home themselves. This means you are not secured as a tenant, at least not in the long run.
You Can Build Up Equity
The more you pay toward your principal debt, the more equity you build up in your home. This can come in handy in the future, especially if you need some quick cash to be available, or even if you want to take out a consolidation loan or use some of your funds for things like education, or even home repairs.
When you rent a property, it might often be more affordable every month, but all the money you pay will go towards your tenant and it won’t be beneficial to you at all.
Plan for Your Retirement
Even though your mortgage payments may go up and down through the years, in general, you will very likely pay off your mortgage by the time you retire. This means that you would have built up a nest egg, and you will have a property to stay in without paying someone rent. In addition to this, the property is also a great investment and it is something that can build up value over time.
Be Proud of Your Home
When you own your own home, it’s definitely something to be proud of. You have the freedom to paint, renovate and decorate the way you want to, and everything you put into the property will help increase its value. Renting a home doesn’t give you this benefit, which is why many Canadians choose to buy a home.
If you are interested in applying for a mortgage in Guelph, speak to the friendly team at Mortgage Guys. We can help you with your application and give all the information you need.