If you’re currently renting, you may dream of one day owning your own home — to furnish and decorate as you like, to entertain your friends and family, or to have a secure and permanent place for you and your family. But you may be uncertain whether you’re ready to make your move from renting to buying.
Fortunately in today’s mortgage market, lower rates and more flexible down payment requirements, your first home may already be within your reach. Even if you have not started saving, at RBC we have several savings options that will get you closer to owning your own home. You may have a variety of reasons for wanting to own your home. You may be getting married, leaving your parent’s home, moving to a new job or having children. Whatever your reason, owning your own home can also be a good investment.
The Long-Term Investment Value of a Home Remains Good
Your home may be the single biggest investment you’ll ever make, one that could pay off significantly in the long run. The earlier you can stop paying rent and start paying your mortgage, the faster you’ll start building equity in your home.
Get a Tax Break
In some countries, there’s a tax advantage to purchasing a home for first time homeowners. As a first time home owner you can take advantage of this tax break when filing your Annual Income Tax Returns and have more money in your pocket.
Once you have decided that you are ready to stop renting and start owning, an RBC Mortgage Specialist will be there to walk you through the process whether you want to purchase an existing house or buy land to build your home.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.