Ottawa Mortgages: How to Determine if You Should Rent or Buy

Many assume that owning is better than renting. But, before you call your mortgage broker and have them shop the Ottawa mortgages market for a home loan, examine if home ownership is right for you - right now.

Ottawa Mortgages: The Responsibilities of Owning a Home

Want to own a home in Ottawa? Mortgages are pretty easy to get - if you have decent credit. But, are you ready for the responsibilities is the real question.

Home ownership is a lot of responsibility, over and beyond the financial obligations. So, before you Google "Ottawa Mortgages" in search of a good rate on a mortgage, assess the following responsibilities of owning a home to see if you´re ready, e.g.:

Yard Maintenance: There is no lawn care provider who will automatically cut the grass, shovel the snow and trim the shrubs. All of this must be done by you, the homeowner, or someone you hire.

When you rent, you don´t have to worry about this.

Home Repairs: Water heater went out in the dead of winter, the kitchen sink sprung a leak, and there´s water in the basement from the last storm that passed through.

Guess who has to fix it? You, the homeowner.

Again, when you rent, you don´t have to worry about this. You simply call the super or the managing agent of the building.

Like anything in life, home ownership has its advantages too. And, they can be significant.

Ottawa Mortgages: The Advantages of Owning a Home vs. Renting

Ottawa Mortgages & Appreciation. When you own a home, it appreciates over time. As you pay down your mortgage each month and the value of your home rises, you build up equity. FYI, since 1980, the average Canadian home price has risen by over 300%.

As with any investment, it may fluctuate from time to time, but over time, real estate is one of the best investments you can ever make.

The advantage of having equity is that you can borrow against it. Equity can be used as low-interest loans for anything life may throw your way, e.g., to finance a small business, to pay medical bills, to pay college tuition for your children, etc.

Speaking of using equity as low-interest loan ...

Ottawa Mortgages & Tax Breaks. Did you know that when equity in your home is used for investment purposes you can deduct mortgage interest?

Furthermore, there are federal programs that offer tax rebates if certain criteria is met. Check with a qualified Canadian mortgage specialist for full details on programs specific to Ottawa. Mortgages and their criteria differ from municipality to municipality.

Ottawa Mortgages & Retirement. When you make a mortgage payment, you are essentially using the Ottawa mortgages market as a savings plan for your retirement. Your home is an excellent asset to own free and clear - especially as you near retirement.

Mortgage interest rates are subject to change without notice. We attempt to maintain accuracy on our website, however, mortgage information on this website should be used only as a guideline. Please consult a mortgage professional before taking any action.