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No doubt you have thought about not having to write a cheque every month to your landlord and watch your money go down the drain.  Why not take the step to own your own house, and direct your hard earned money into an investment!  Nothing can make you feel more secure than owning your own house, unless buying a home will create financial problems of its own.  Instead of the standard deduction on your income tax return, most homeowners itemize their deductions, allowing them to deduct the following and save on taxes (home mortgage interest, property real estate taxes, state income taxes, gifts to charity, medical and dental expenses over 7.5% of your income, personal property taxes, and most moving expenses).

First things first, you need to figure out your monthly payments if you were to buy.  Compare your monthly rent to a calculation of the following: purchase price and down payment of your home, your annual income (and debt!), property tax rate, home insurance rate, interest rate and length of loan. Expect other costs to homeowning. Along with your monthly mortgage and down payment, there's property tax and homeowners insurance premiums, fees known as closing costs and so on.

We understand that renting does give people the freedom to just pick up and go. Many renters say that they love knowing their not tied down and don't have to assume financial responsibility for their living space.  But if you want to be in the driver's seat and finally put your money into an investment, then buying a home is the right MOVE.

The best advice we can give you further is to do your research or conatct our team anytime at info@yourottawarealtor.com.