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Buying a home has long been considered a cornerstone of the Canadian dream. Whether it’s your first, or one of many, getting a home mortgage to purchase a home is one of the most significant financial decisions you’ll make in your life. Many people decide to buy because of the benefits associated with home ownership.
If you want to make that first step toward home ownership, there are several ways to obtain a home mortgage. It may take time to understand the different home mortgages and which one is right for your financial situation; that’s why it’s important to work with a licensed mortgage professional who can walk you through your various options.
Benefits of a Home Purchase
The many expenses of owning a home—like property taxes and accounting costs—are tax-deductible. The largest deduction is generally the interest you pay on your mortgage, according to Liane Jamason, a broker associate with Florida’s Jamason Realty Group. “This allows you to keep more of your hard-earned money.”
Freedom to make modifications
What renter hasn’t thought “I’d really love to paint/alter/knock down this wall to…”? Well, to do whatever the hell you want to do. But, of course, you can’t—not without the landlord’s blessing. And if you are allowed to renovate your rental, it’s the landlord who will ultimately benefit. (Especially if you do a really awesome job at it.)
Homeowners, on the other hand, don’t need permission. They can paint any room any color, replace the cabinets, add a deck, or do any other modifications they wish, says Davis. “Homeownership enables you to live life under your own rules.”
This may seem fairly obvious, but it’s worth emphasizing: With a rental, you run the risk of getting kicked out at the end of your lease. With a home, you can live there indefinitely. And isn’t there something comforting in knowing there’s a place where you’ll always have a roof over your head?