For anyone, making the decision to buy a home or to rent is not one to take lightly. There are benefits to both options, but it seems that most individuals in the Edmonton area prefer to purchase a home. This is mostly because of financial reasons. Edmontonians look at purchasing a home as an investment, and when viewed this way, it just makes sense.
Why Should You Buy an Edmonton Home
Many individuals consider buying a home, staying in the residence for a period of time, and then selling it for a profit. During the time they are living in it, they make minor changes that increase the property's value, and they are able to sell the home for a profit. Here are a few other reasons people in the Edmonton area prefer to buy homes.
More Room For a Growing Family
For those who are raising a family, the room seems to be an important factor. Rental properties tend to be restricted in space. Plus, homeowners have more privacy or have the ability to make their living quarters more private.
There is something about owning your own home that feels more secure than renting a place. You are the only one that has rights to the property, so you have more control over the security of your home.
Owning your own home allows you to decorate the way you want. You are not restricted to certain colors, and you have no overhead to tell you what you can and cannot do with the property. There are no restrictions to what you can do.
Building a Home For Your Family
You have the ability to choose a good community to raise your family in. Owning a home allows you to have stability for your growing family. Stability is something all home owners enjoy and love.
Why Should you Own a Home in Edmonton, Financially?
Chances are you are on the fence about whether or not you should own a home in Edmonton. If that's you, you are in the right place at the right time. With this brief article I am going to share with you three reasons owning a home in Edmonton right now is a smart financial decision.
Low Interest Rates
Currently the lowest interest rate being offered in Canada is 2.20%. Please know these low rates won't last forever. That's why it’s important you take advantage of them now. With this type of interest rate you can save quite a bit of money. That's extra money you can use for other things.
Plenty of Mortgage Options
With interest rates being so slow, more and more financial institutions are trying to capitalize on this windfall. That means you will be presented with a variety of mortgage products from several different brokers. This of course works to your advantage. When you have more options you are able to pick what will work best for you. But again, please know this won't last forever. The sooner you act, the better off you will be.
High Rental Rates
As a tenant renting is not the best option. That's because rental rates are extremely high right now. If you look at the numbers, it makes better financial sense to actually purchase a home than rent one. This is of course assuming you qualify for a good mortgage rate.
Currently these three financial incentives are available to those who are interested in purchasing their own homes. But again, these things are not permanent. Interest rates could rise in the next 24 hours. That is why it is so important you seize this moment.
What to Consider Before Purchasing a Home in Edmonton
Whenever a big move is in the plans, it's necessary to consider certain things before committing to a new home. Getting the right home, in the right neighbourhood is important. Here are the top five things to consider when moving.
Your family is very important and the move will affect everybody differently. If you have children, it's harder to move than if you don't. You need to consider the needs of everybody from the right schools to recreation. Even the right neighbourhood can make a huge difference.
Place of Employment
If the move is due to a new job opportunity, living near where you plan to work can be a good idea. A short commute means more time with your family and less time stuck in traffic. It's also important to consider your transportation needs if you don't plan to commute by car.
Of course, the cost of the home matters. Figuring out your home budget will help you shop in the right area of the city for your new home. Make sure you get pre-approved before you start shopping so that you don't fall in love with a home you can't afford.
Type of Home
Some families will need a larger home, while other buyers may only need a condominium. Consider the type of property you need and want. This will help you find the right place to call home in Edmonton.
Whether you prefer luxury or plenty of outdoor space, you can find the right neighbourhood to fit your needs in the city of Edmonton. This area provides a variety of neighbourhoods. Research a few choices for your specific needs before you start shopping.
Buy a Home in Edmonton Today
These things are very important to this big move. You need to consider each one closely before you make the commitment to buy a new home in Edmonton.