Being a homeowner is one of the greatest joys you can experience. A home is the biggest asset you can acquire, allowing you to build up equity and giving you an incredible feeling of independence. Owning a Victoria home, courtesy of the efforts of a top realtor in Victoria BC, can do wonders for self-esteem. You no longer have to answer to landlords or feel like you don’t have control over where you live. And, doing so provides you with quality financial incentives that offer you long-term benefits. Below are some of the benefits of owning a Victoria home.
Building Up Equity
Like most of Canada, property values have been skyrocketing thanks to the COVID-19 pandemic. Benchmark values for family homes in Victoria significantly increased in July. Additionally, Victoria home values throughout the summer have been promising. As mentioned, owning a Victoria home allows you to build up some equity, which you can later use if you want to do some renovations down the road to sell it.
The money that you spend on your Victoria home will land you some significant returns over the long haul. Each time you pay your mortgage, some of that payment pays down your loan each month, allowing you to garner increased equity in the home. This is potentially good news for would-be homeowners in the Victoria area, as the increased property value increases the viability of home ownership.
A Promising Long-Term Investment
Home ownership shows that you’re betting on yourself for the long term. With rentals, you’re paying your landlord each month with nothing to show for it. If you buy a home with a 20, 25, or 30-year mortgage and consistently make your mortgage payments, then you will own that home for the long haul and can gain federal tax advantages as a result.
Considering that the pandemic continues to influence the local housing market, you’re potentially able to reap more rewards as you invest in an asset for yourself. With renting, the landlord or property manager benefits financially, not you.
Interest Rates
Also, considering today’s economic conditions, owning a home allows you to capitalize on lower than normal interest rates. Rates will vary depending on the property type you’re buying and your credit score. However, with rates staying low for the foreseeable future, there may be no better time to buy a Victoria home than there is now.
If you lock in to a 25 or 30-year mortgage, for example, you will save yourself hundreds of dollars monthly until your mortgage comes to an end. Rental rates these days are higher than mortgage payments. And, rentals don’t afford you yearly tax deductions. The time for owning a Victoria home is now.
The best realtor in Victoria, BC, can make your dream of home ownership in the Victoria area come true. Contact Brad MacLaren today to get started.
