(519) 375 - 5120 shannon@shannondeckers.com

Buying A Home While You Are YoungThe Owen Sound Real Estate Market is experiencing a large rate of growth at the moment. This means that the costs involved with purchasing a new property can be quite high. For most young people this is a major deterrent. Due to these high purchase costs as well as the associated living costs of owning a home, most young people are choosing to live at home longer, or to rent. While renting can be a cheaper solution in some cases, it does not offer you the same return on investment that owning a home can. Here are a few benefits to purchasing your first home while you are young.

  • Privacy – While it is true that renting an apartment or a house will get you out of your parents and on your own, it does not offer the same privacy as owning the property yourself. Landlords may require access for various reasons, or you may be in a multi unit building where you have shared walls. Owning your own property insures that you are the only person who can enter.
  • Personalizing – For those who rent, or still live at home, you are obligated to follow the rules of the homeowner. This may include not being able to hang pictures, paint, own pets, or make any major changes to the property itself. As a young individual looking to have your own place being able to personalize and make it feel like home is very important.
  • Equity – It is common to dismiss purchasing Homes for Sale in Owen Sound as people fear they will not be able to afford the mortgage and utilities. Most people do not consider the fact that if you decide to become a tenant you will still incur a monthly fee: rent. It is possible that you can find small Owen Sound Homes for Sale where the monthly mortgage rates are cheaper than if you were paying rent on a comparable property. Most homes for rent require you to pay rent plus utilities, meaning that you can come out better in the long run if you put your money towards a mortgage instead. This will help you build up your credit while you receive equity on your home and invest in your future.
  • Mortgage – To put it simply, the term “Mortgage” translates to “Death Pledge” and this is certainly the case for some. Most people enter into their mortgage as a 25 – 30 year term. This means the younger you are, the sooner you will be free of this debt giving you more money in your retirement years.
  • Young Body – Believe it or not owning a home can be a lot of upkeep. Purchasing a home that requires various upgrades can be too much work to handle as you get older. For young people this opens the door to purchasing “Fixer Uppers” at a lower cost. Being young and able bodied, you will be able to complete many upgrades on your own. For any that are beyond your expertise contact an experienced Owen Sound Contractor for assistance. This also includes yard work. It is easier for young people to purchase the shrubs or garden supplies they require and do the manual labour themselves.

Why Purchase Owen Sound Homes for Sale Young

Buying a home while you are still young will allow you to enjoy the return on your investment in the future. Owen Sound Real Estate is a solid investment to make. The market may dip from time to time, but it is a well known fact that it will always come back up.