If you’re like most first-time buyers you’re probably asking yourself that daunting question “should I finally commit and buy a home?” You’ve probably heard endless encouragement from family, friends and co-workers to buy a home but still have doubts. Don’t worry having reservations is normal. The process of home buying will seem less overwhelming as you gain more knowledge about it. Take the time to read the following reasons and begin your education.

1. Pride of Ownership

This is the number one reason why people want to buy their own home. You have made an achievement, and gained a sense of stability. It’s making an investment in your future.

2. Sweat Equity

Every time you make an improvement whether it be paint, flooring, remodeling or landscaping your’re putting money in your pocket not your landlord’s. Home improvements can add value to your home and make your life more enjoyable. Best of all you don’t have to get your landlords approval!

3. Security & Privacy

No more worrying about eviction notices, rent increases or pesky home inspections.

4. Appreciation

Although the real estate market has its ups and downs, over the years the market has consistently appreciated. The south okanagan market is currently appreciating at a rate of 1%-2% per month.

5. Mortgage Reduction Builds Equity

Every time you make a monthly payment on your mortgage a portion goes to the principal balance of the loan and the balance towards interest. With each payment you make the amount going to principal increases and the amount going to interest decreases. As you continually make payments and pay off the principal, you are in essence creating “equity” in your home. Consumers can then borrow against a home’s equity to make home improvements, college, buying a vehicle, starting a new business, etc.