If you’re currently renting, you may dream of one day buying a home of your own. Still, it’s hard to be sure if you’re really ready to make the move to home-ownership. Fortunately, with today’s low mortgage rates and 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 plans that will bring you closer to owning your home.
You may have a variety of reasons for wanting to own a home. You may be getting married, leaving your parents, moving to a new job or having children. Whatever your reason, owning a home is an excellent investment because its long-term value appreciates over time.
Your home may be the single biggest investment you’ll ever make – one that could pay off significantly in the long run. The sooner you can stop paying rent and start investing in yourself with a mortgage, the faster you’ll start building equity in your home.
Get a Tax Break.
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 Return and have more money in your pocket.
Once you have decided that you are ready to transition to home ownership, an RBC Mortgage Specialist will be there to walk you through the process whether you want to purchase an existing home or buy land to build your dream 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.
