Are you currently renting and thinking about joining the ranks of homeowners? You should know that in addition to providing numerous financial benefits, buying a home will help improve your quality of life. Not only do homeowners enjoy more freedom, they also have a strong feeling of pride, as well as peace of mind. It's definitely a worthwhile investment!
A Well-Adapted Home
First and foremost, being a homeowner means living in a house that suits your tastes and fits your lifestyle. Is your family growing – do you want a backyard and basement playroom for your children? The purchase of a home can help you benefit from these extra spaces and is also a good long-term investment. Condominiums and plexes offer other benefits: less maintenance in the first case and additional income in the latter.
Building Capital
Paying for a home is a bit like making long-term savings. Instead of paying rent to a landlord, your monthly mortgage payments are used to finance your assets and build capital that you will recover once you finish paying.
A Profitable Investment
The real estate investment in Quebec has undergone notable developments in recent years. As of October 2023, the reference price for single-family homes in Quebec increased by 3.2% year-over-year, establishing itself at $524,000. This increase is part of a general trend of rising prices in the Quebec real estate market. For example, the reference price for row houses or multiplexes also saw an increase, settling at $529,300, which represents a 1.9% increase over a year. Concurrently, the reference price for condominiums experienced a more significant increase of 5.8%, reaching $372,600.
It's interesting to note that these price increases are accompanied by variations in the sale periods and the evolution of the inventory of available properties. For instance, in Gatineau, the sale periods for single-family homes were slightly shorter between April and June 2023 than at the beginning of the year, indicating a relatively active real estate market.
Taking Advantage of Fixed Payments
Tired of rent increases? Unlike tenants who must deal with these fluctuations, as a homeowner, you can enjoy fixed payments for many years and, depending on the type of mortgage you choose, protect yourself against possible interest rate increases.
A New Lifestyle Unleash your creativity and decorate your house as you wish, without worrying about the restrictions that are imposed on tenants. Any amount invested in decoration or renovation will be for your benefit. Moreover, nobody can make you leave your home, or enter uninvited for inspection or maintenance.
