Benefits of buying a home in Kelowna, BC

Becoming a homeowner has so many rewarding advantages. Sure, it can seem like an arduous undertaking if you’re a first-time buyer, but a little bit of hard work and financial commitment are worth it in the long run.

Here are just some of the many advantages of owning a home vs renting:

Homeownership Builds Long-term Wealth & Equity

Unlike buying a car or motorcycle, a home is an investment that isn’t going to depreciate much over the years, especially if you maintain it! Kelowna’s real estate market is thriving, and as one of the most desirable places to live and retire in, it’s a low-risk place to invest. With each passing mortgage payment, you’re slowly but surely paying down your loan and building your equity.

Over time, owning is by far a cheaper option than renting. Although at first you’ll be paying mostly interest, you’ll eventually start paying more of the principal down with each payment than interest, which means more of your hard-earned dollars go towards your investment. When you’re renting, that money is going towards someone else’s mortgage, and you’ll never see it again.

Buying a home is certainly a commitment, but you can usually find a mortgage that fits your lifestyle and finances that will help you come out ahead in the long run.

You Have Full Control Over Your Space

One of the most frustrating aspects of renting is that your space isn’t really your space. You can make some subtle changes like replacing the drapes and shower curtain, but you can’t do any serious modifications to the space or swap out the appliances. If you do, it’ll likely have to be on your own dime and approved by your landlord first.

As a homeowner, as long as you obey municipal bylaws and regulations, you’re just about free to do whatever you like with your home and property. Some neighborhoods and subdivisions in-town can have covenants and stratas that also come with their own set of rules to abide by, but these will be made clear before you purchase the home, so you know what you’re getting into.

Home improvements not only make the home more enjoyable while you’re living in it, they can also increase its value, too. For more information about home improvements with the best return-on-investment, give us a call and we’d be happy to give you some tips.

No Surprises & More Stability

Tired of moving every few years, or worried that your current landlord might decide to sell? Owning your one home eliminates these concerns. That said, when you buy a home, you don’t have to live there for the entire duration of your mortgage. Most homebuyers stay in their homes for around 5 to 10 years before moving to something that better suits their needs.

This stability also allows afford you time to build lasting relationships with your neighbours and community. Your kids can stay at the same school with their friends for years to come, too.

4. Tax advantages of owning a home vs renting

Buying a home will make filing your taxes a little more complicated, but it’s for the better. There are a variety of tax benefits and credits for homeowners that you can take advantage of, especially if you’re looking to make your home more energy-efficient. First-time homebuyers can take advantage of a tax credit of up to $750. New homes and homes with extensive renovations are also eligible for a substantial rebate. Your accountant can tell you more about these programs.

The benefits of owning your own home don’t stop there. If you’re looking to buy your very first home, let us help you make it happen. In most cases, it’s much more affordable than you think. Give us a call at (250) 717.3133 to learn more about what you should be shopping for in our market.

Posted by AJ Hazzi on
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