Rewards of Homeownership

Toronto has become a well known place to be an expensive city to own a home. The average home price in Toronto is 1.045 million dollars making it one of the most expensive places to live in the world. Getting a home for the first time may sometimes feel impossible, however once that dream home is obtained there are several benefits to gain financially, socially, and personally that make it all worthwhile.

The financial benefits of owning a home are endless. I would like to share some of the immediate rewards financially. Long term savings comes to mind as a great motivator; having a home for 30 years, once it’s sold it's basically a retirement fund. Building equity goes hand in hand with long term savings; paying the mortgage month by month allows for equity to be stored in the home to be taken out at a later time for other activities like a vacation or a cottage purchase. And wealth creation with the inflation of the home; after several years of owning a home, the equity in the home can be taken out to be used towards a rental property, the stock market, or renovations to increase the value of the home.

The social aspect of home ownership can be overlooked by many, but there are an abundant amount of benefits. Homeowners typically have a greater vested interest in the well being of their neighborhood, for instance they will clean up their yard, and even the street in front of their home. Crime rate in neighbourhoods where there is majority of homeownership is significantly less since they have crime prevention programs to deter such activities. Neighbourhoods with primarily homeownership also encourage to have associations for their area to promote programs to keep the neighbourhood clean, to set up crime watch duty, to have children activities, and many more other socially driven groups to have a safe and positive environment.

The personal pleasure of owning a home cannot be stated more heavily. Owning a home has shown to lead to an increase of life expectancy and overall health. The average person who owns a home will have high self-esteem and great self-worth for themselves. It’s a great accomplishment to own a home and all the other activities that go along with owning one. People who own a home tend to have greater financial competency to maintain all the financial responsibilities that come along with keeping the house. People who own homes typically have a greater sense of control over their lives with the increase of financial responsibilities, social responsibilities and personal responsibilities they have.

The benefits of being a homeowner go on and on. It may feel difficult to get started, but don’t worry, here at Anava financing we have you covered. If you are looking to finance a home, buy a home, purchase a rental property, get funding for a renovation or anything in between, give Rudy and his team a call or send him an email. We can help you make your dreams come true.

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