Reasons to Buy in the Elk Valley
There are many reasons why you should consider jumping into the real estate market and buying a home now. Below is a list of reasons why you should seriously consider it.
Be a part of a stunning Community
Want to enjoy the mountain lifestyle? The Elk Valley is located in the south east corner of the picturesque Rocky Mountains surrounded by pristine lakes, and lush forests. The natural beauty alone is reason enough to call this place home. Owning a house gives you a feeling of belonging in that community and gives you the sense of putting down roots and getting established. There is much to get involved in (ski clubs, mountain bike clubs, drama clubs, etc.), multiple educational schools for your kids to attend (public school, private and French schools) and of course the healthy mountain air.
To Quit Renting
Are you a part of the rental rate hikes here in our valley? Why contribute to someone’s mortgage payments when you could be paying off your own? It can sometimes be cheaper to own than it is to rent.
The price of real estate continues to increase every year, therefore purchasing real estate is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built-in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business. Check with your lender, as these vary from one to the next.
You don’t have to worry about your house being sold out from under you to out-of-province investors. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase to your rent, thereby leaving you potentially homeless or too poor to eat. These increases could continue indefinitely so the investors can make more money.
Pride of Ownership
One of the biggest reasons people buy properties is the pride of saying they own something. Even if it is a little starter home or apartment style condo, it is yours and you can do with it as you please, and for that, a person should be proud, as ownership is an accomplishment.
Current Interest rates
Typically, higher interest rates mean less competition in the market. If you’re a homeowner that had trouble getting pre-approved for a mortgage, or a first-time home buyer, it may be a good time to buy a home now that there is less competition between you and other established homeowners. You can capitalize on higher rates by purchasing real estate and selling off unneeded assets. Average house prices are expected to see a modest uptick in 2023, and should climb even higher in 2024 and 2025 as people start showing more interest in single-detached homes again.
If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
You are free to do what you want in your own home, whether you want to paint the walls, tear down some wall or create the garden space you want. You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. Just keep in mind that when you are ready to sell your home, not everyone may like what you do.
To Sell and buy something for your change in needs
If you are thinking of selling but are afraid to lock into higher interest rates when buying another home, you should check your mortgage documents as you may be able to port your mortgage over to a new home purchase. Porting your mortgage means taking your existing mortgage—along with its current rate and terms—from your current home to your new home.
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