Chilliwack - Renters, heads up! You're going to pay more! A 3.8 per cent increase in rent is coming in 2013.
Under the Residential Tenancy Act, the maximum allowable increase is lower than this year's 4.3 per cent, but it still represents hundreds of extra dollars renters will need to spend ,to keep a roof over their heads. The rate increase is based on inflation plus two per cent.
The ongoing dispute between renting and buying. Well the above notice published by
MyChilliwacknews.com may be exactly the push you need to step out and take advantage of the great rates and low prices in the market still today in Chilliwack. It is only a matter of time we will see the impact of growth come our way, Why pay some one elses mortgage when you can pay your own and build your own equity!
Purchasing a home is one of the biggest decisions most people ever make.
Ultimately,
the decision is a personal choice, but it helps to look at the pros and cons of
buying to determine whether home ownership is right for you.
Some advantages of buying a home
Owning
a home is generally considered to be a sound, long-term investment that can
provide satisfaction and security for you and your family.
Each
month when you make your mortgage payment, you are building equity in your
home.
Equity
is the portion of the property that you actually build through your monthly
payment versus the portion that you still owe the lender.
At the
beginning of your mortgage, more of your payments go toward paying off the
interest and less toward paying off the principal. But the longer you stay in
your home and the more mortgage payments you make, the more principal you pay
off and the more equity you accumulate.
Most
mortgages also offer you the option of making additional monthly or annual payments
to reduce your principal faster. Some prepayment privileges, for instance, enable
you to pay up to 20% of the principal per calendar year. This will also help
reduce your amortization period (the length of your mortgage), which, in turn,
saves you money.
There
is also a tax advantage. If your home is your principal residence, any profit
you make when you sell it is tax-free. A home can appreciate – or increase in
value – as time passes, building more equity. As you build up equity, it’s
usually easier to upgrade to a more expensive home in the future thanks to the
profit you’ll make when selling your current home.
As an
owner, you can also decorate and improve your home any way you like. Ownership
tends to give you a sense of pride and can offer you and your family stronger
ties to the community.
When
making the decision about whether to buy or rent, it’s important to carefully
choose a home you can afford, and then weigh the pros and cons. Millions of
people enjoy the rewards of home ownership but, ultimately, it’s a personal
decision based on your own priorities.
If
you’re thinking of buying your first home, Tammy O'Callaghan and Carie Pool who are Dominion Lending Centres mortgage
professionals can answer all of your mortgage-related questions.
Need to give notice to your landlord??
Harmony@gmail.com
Harmonymortgagegroup.ca
