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By Jam Michael McDonald, Zoocasa
Special to the Financial Independence Hub
Buying a home takes a lot of planning and can be an expensive endeavour. You have to think about your down payment, your mortgage and mortgage payments, your expectations on your space, your timeframe, your closing costs—the list is endless.
So if you’re spending a bunch of money, how can buying a home make you more financially independent?
First, change your perspective
Some investments are a lot clearer: put your money into this GIC and you’ll receive this return in this many days. It’s easy to see, easy to calculate, and easy to do.
Investing in real estate is an entirely different game, so you have to think of it differently. You’ll have initial costs, you’ll be forking out money, and you’ll feel kind of broke. And that’s okay. These “expenses” when buying a home should be looked at as part of the overall investment. There are some that are pure cost—home inspection, lawyer fees, other closing costs—but they all allow the transaction to occur, and they’re not extravagant compared to the cost of the home.
Think of a real estate investment as long-term, not short-term; complex, not simple; hands-on, not passive.
You can make real decisions about your home to save you money
As a renter, have you ever received your hydro bill and become really agitated? It’s a common experience: you can’t control your heat (or you only can to a certain extent), so why should you pay for something you can’t control?
As a homeowner, you can make changes that could save you money, with some even boosting the value of your home. You can put in energy-efficient appliances, or replace the windows, saving you on your heating bill while improving the look and value of your house.
The flexibility to cut costs that you possess as a homeowner is far greater than as a renter.
With the right home, you can rent to tenants
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