Is Owning Right for You?

Considered by many to be a lifetime’s single largest emotional and financial decision, take time to prepare yourself – make a knowledgeable decision.

While buying a home may seem like a great idea, understand what home ownership involves. While pride of ownership has personal value, owning a home also means having to invest money, time, energy and the burden of additional responsibility.

Good and Bad thoughts:

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• Financial Security
• Stability
• Financial Stress
• Maintenance
• Responsibility
• Flexibility

The Pros and the Cons

Compare the benefits of owning versus renting. Write down these headings on a piece of paper and start to list your thoughts on each.

• Advantages of Renting
• Disadvantages of Renting
• Advantages of Buying
• Disadvantages of Buying

Some starter questions:

• Do you think you will be moving to another town in the near future?
• Will your income stay the same or are you expecting and increase?
• How do you feel about the responsibility of carrying a mortgage? Remember it’s not much different than having to pay rent. You have to live somewhere!
• Have you the skill sets and do you want to take care of home repairs and improvements?

*Courtesy CMHC