two realtors talk to each other

March 28, 2023

The Home-Owner Advantage

You’ve probably heard it a thousand times: this “home-owner advantage.” But do you know the actual financial benefits of moving away from renting? 

Of course, there are some legitimate factors that can limit you from having a lot of choices. You may not have access to the money you need for a down payment right now – or you may have other financial obligations. But if that isn't the case, we wanted to take a couple of minutes to break down why you should buy a home (or seriously start saving so you can).


two realtors talk to each other
Casey and Brent talk real estate


When you own a home, you build up equity over time as you pay off your mortgage. This means that the amount of “home you own" increases – and the debt you owe decreases. Other than working towards a completely paid-off mortgage, it also means that as your home increases in value, you’ll have access to more money should you refinance — so you could potentially invest in other properties and continue to build your financial wealth.


 If you buy a home with a fixed-rate mortgage, your monthly payments will remain the same over the term of the loan, providing stability and predictability. In contrast, rent costs have gone up exponentially over the past few years, and continue to increase year over year. Plus, as a renter, you may be forced to move if your home is sold or if the homeowner or their family decides they want to move in.  


Tax benefits

When it comes to buying a home or property in the Belleville/Quinte area, the buyer has to pay tax. It’s called land-transfer tax. Depending on the cost of your home, it can be up to 1.5%. But as a first-time home buyer, you are eligible for a land-transfer tax credit – which you can use on your purchase. It’ll dramatically reduce your tax liability, up to a certain amount. Here is a really helpful link to calculate your Ontario land transfer tax. If you have any questions about this, get in touch with us here


Personalization + Community

Owning a home allows you to personalize and make changes to your living space without having to get permission from a landlord. You’ll also have the opportunity to put down some roots, get to know your neighbours and be a part of a community. Having a place that you truly call your own, feels different in so many ways.

child playing on tree with mother
A community for your family is just one home-owner advantage

Long-term investment

Buying a home is a long-term investment. We’ve seen the housing market take a lot of twists and turns (most significantly the boom of 2020) – but the long-term forecast of real estate tells us buying over renting is always a good investment. When you buy a car, generally speaking, the vehicle depreciates in value over time as you use it. Buying a home is different. It is the ONLY investment which appreciates even while you’re using it.


The difference between paying rent and paying a mortgage comes down to this:


  1. When you’re renting you’re paying your landlord’s mortgage
  2.  When you own, you’re paying your own.

If you’re starting to think about buying a home, check out this article to learn more about the process. 





DIRECT: 613-707-4812


Royal LePage ProAlliance Realty, Brokerage - 357 Front Street, Belleville, ON K8N 2Z9 | OFFICE: 613.966.6060

The trade marks displayed on this site, including CREA®, MLS®, Multiple Listing Service®, and the associated logos and design marks are owned by the Canadian Real Estate Association. REALTOR® is a trade mark of REALTOR® Canada Inc., a corporation owned by Canadian Real Estate Association and the National Association of REALTORS®. Other trade marks may be owned by real estate boards and other third parties. Nothing contained on this site gives any user the right or license to use any trade mark displayed on this site without the express permission of the owner. 

powered by webkits