PROS AND CONS FOR FIRST TIME HOMEOWNERS IN CANADA
Homeownership is a key dream for all and owning your dream home in Canada
is all the more exciting. Owning a home in a new country can be a daunting
experience and it comes with its risks and challenges. Needless to say, it is
important to be thorough with your research before you enter the domain of
Fear not, we are here to help you! For all the first time homeowners, here’s a
checklist of pros and cons to owning a home in Canada. This will help you
make an informed decision and take the leap of faith.
A Long-term Investment Option: By buying a home, you gain financial security
and also build equity for yourself. Real estate makes for a good long-term
investment opportunity because of its appreciation value. The goal of equity or
investment can be selling your property for more than you purchased it for and
shifting to a bigger and better one.
Sense of Security: You might be a newcomer in Canada and stressed post all
the immigration process. In times like these, renting can help you achieve
flexibility, however, your dream home will serve you a sense of security.
There’s nothing like – to sit back and enjoy our favourite beverage in your own
Customize your Dream Space: Immigrants too can now personalize their living
space and experience the complete experience of a home. When you buy a
home, it promises you greater privacy and the freedom to experiment with it.
Hang frames, create your art studio or WFH space, or build a mini library or
workout den – you can go bonkers with it.
Closing Costs: Buying a home doesn’t mean paying just the price of it. It is
accompanied by numerous upfront costs like property taxes, mortgage
insurance, lawyer fees, home inspection fees, and a lot more. Make sure you
set aside a 5% purchase price to meet these costs.
Maintenance Costs: If the heater goes out, you’re not just going to sit and
freeze till the professional help arrives, but you will also have to write them a
big cheque. When you own a home, you are responsible for its entire
maintenance and have to commit to it.
Less Mobility: If one of the advantages of homeownership is stability, a
limitation of the same can be reduced mobility. When you have your dream
abode at one place, it becomes difficult for you to pack up and go to another
place for a career, family, or travel.
Buying a property can be a big financial and emotional decision. There are
many things to be taken into consideration and it is important to weigh the
advantages and disadvantages of it.
Nevertheless, we are here to help you through all of it. You can get in touch
with us and resolve all your queries about owning a home in Canada. Reach
out and relax!
To check out your current CRS Score, use our mobile app’s CRS calculator and keep an eye on the latest draws using the mobile app too. Download the TrekNation App from here.