There are many benefits to owning your own home, but it’s such a big decision that a lot of people take years to consider whether it’s the right time to buy or not. You know you want to get your own place so you can decorate and entertain the way you want to, but if you need a bit of an extra push, here are a few reasons why buying a new home in Saskatchewan makes sense right now.
Market Taking Off
The rest of Canada is really starting to take interest in Saskatchewan. There are many economic reasons for companies to begin moving here, making it a great time for the average person to purchase a home. As the area becomes more popular, demand for homes will go up, which will likely increase home prices.
Because current interest rates are low and prices are reasonable, and you’ll be happy you purchased now before prices start to increase. After an increase, you benefit from a gain in equity if you’re in the market.
Starting to Build Equity
Some people want to wait until they’re able to afford the home of their dreams, but if you’re currently renting, you’re not building up equity that you could eventually use to move up into a newer and better home. With a number of great incentives for first-time buyers purchasing your first home might be easier than you think.
Smaller homes like duplexes and townhomes are perfect for young people just getting started in life. As your family grows, you’ll be able to look into larger homes with confidence, knowing you will be able to use the equity in your current home towards the down payment of a larger home.
Interest rates on mortgages vary over time, but they’re currently quite low. This means lower monthly payments and the ability to purchase a bigger, better home that you might not have been able to afford before.
By purchasing now, you’ll be able to lock in that low rate over the next few years. If you wait, you could be stuck with a higher rate which limits what you can afford.
Of course, many of these points are all about the outside influences of the market. You also have to be prepared financially for the commitment of owning your own home. If you have a steady job and your credit is in good shape, start researching how much your monthly payments would be if you purchased your own home. When you see how affordable it can be, you’ll want to start home shopping right away.