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9 Reasons to Buy in Penticton

Buying a residence can be a stressful experience. You will experience a roller coaster of emotions while finding the right place, securing the loan, and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.
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Whenever people come to visit the South Okanagan the topic of buying real estate almost always comes up.  There are many reasons why you should consider jumping into the Penticton real estate market either to buy a forever home or to invest in a Penticton vacation property. Below is a list of 9 reasons why you should seriously consider it.

  1. To Quit Renting
    Why contribute to someones mortgage payments when you could be paying off your own? With programs available such as the new B.C. Home Owner Mortgage and Equity, it is easier than ever to own a home. And with the current market increase in rent it can sometimes be cheaper to own than it is to rent and there is no fear of your mortgage payments suddenly increasing.
  2. Security
    You don’t have to worry about your house being sold out from under you. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase in your rent.
  3. Investment
    The price of real estate continues to increase every year (with a few corrections from time to time), 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.
  4. Low Interest Rates
    Right now we have some great interest rates which will help you get your foot on the first rung of home ownership. It is a great time to get into the market and lock into a really good interest rate and build equity.
  5. 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.
  6. Privacy
    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.
  7. Equity
    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.
  8. Freedom
    You are free to do what you want in your own home, whether you want to paint the walls in pink and black zebra or put carpet on the ceiling (not recommended of course!) 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.
  9. Sense of Community
    Owning a house gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.
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