Are You Ready to Buy Your First Home? Here’s What You Need to Know

For many people, the realization that they’re ready to buy a home happens suddenly. It’s an exciting convergence of being in the right financial position and the right stage of life.

Purchasing your first home is an incredible milestone, and you should be proud of this achievement. If you’re reading this, you’re already on the right track to making informed decisions.

Buying a home is one of the most significant financial moves you’ll make, and we at One Oak Real Estate Group are here to help you navigate the journey with confidence. Here are the key benefits and tradeoffs of homeownership to help you decide if it’s the right step for you.

Benefits of Homeownership

1. Emotional Attachment

Buying a home isn’t just a financial decision—it’s an emotional one. According to a recent survey, 93% of homeowners report being happier after purchasing their home, and 70% say they’re more emotionally attached to their home than expected.

Owning a home provides a sense of stability and belonging. As one homebuyer, Alicia A., shares:

"It feels amazing to know this place is mine. It’s like making a responsible, grown-up decision I can be proud of."

2. Creative Freedom

When you own your home, you have complete control over how you personalize it. From painting your walls your favorite colour to undertaking a full kitchen remodel, the possibilities are endless.

3. Building Equity

Each mortgage payment brings you closer to owning your home outright, building equity in the process. Unlike renting, where money is spent without long-term gain, owning a home turns those payments into an investment.

As Brittany G. explains:

"It feels great knowing that instead of paying rent, we’re investing in something we own."

And don’t forget appreciation—the longer you own your home, the more likely it is to increase in value over time.

4. Forced Savings

Homeownership serves as a built-in savings plan. By making regular mortgage payments, you’re automatically saving money that could otherwise be spent on unnecessary expenses.

5. Access to Affordable Credit

Your home equity can serve as a financial cushion. A home equity loan or line of credit (HELOC) allows you to borrow against your property for home renovations, consolidating debt, or other financial goals—often at a lower interest rate than other forms of credit.

6. Potential Tax Advantages

Homeownership in Canada offers tax benefits, such as:

First-Time Home Buyer Incentives: Withdraw up to $35,000 tax-free from your RRSP through the Home Buyers’ Plan (HBP).

First-Time Home Buyer Tax Credit: A non-refundable credit of $1,500 to help offset closing costs.

Energy-Efficient Rebates: Programs like the Canada Greener Homes Grant support retrofits like insulation and heat pumps.

Rental Income Deductions: If you rent out a portion of your home, you may claim related expenses such as utilities and property taxes.

Disadvantages of Homeownership

1. Repairs and Maintenance

When you own a home, you’re responsible for all repairs and maintenance. From fixing a leaky faucet to replacing a roof, these costs can add up.

Pro Tip: Regular maintenance helps prevent costly repairs in the long run.

2. Less Mobility

Unlike renting, homeownership is a long-term commitment. Selling a home and relocating takes time and effort, which can limit your mobility.

The upside? Stability allows you to build deeper connections within your community and foster strong relationships with neighbours.

3. Upfront Costs

Buying a home requires a significant upfront investment, including:

Down payment

Home inspection and appraisal fees

Closing costs

Moving expenses

At One Oak Real Estate Group, we’re here to guide you through budgeting and share money-saving tips to make the process more manageable.

Mitigating Homeownership Challenges

1. Budget Properly

Setting a realistic budget is key to managing the costs of homeownership. Use One Oak’s budgeting tools to calculate long-term expenses and identify homes that fit your financial plan.

2. Buy a Home Warranty

A home warranty can provide peace of mind by covering unexpected repair costs for major appliances and systems. Basic warranties start at around $300 annually—a small price to pay for avoiding big surprises.

Final Thoughts

Becoming a homeowner is a rewarding journey, offering long-term benefits like financial security, creative freedom, and emotional satisfaction. While there are tradeoffs, careful planning and the right support system can help you overcome the challenges.

At One Oak Real Estate Group, we’re here to help you every step of the way, from assessing your readiness to celebrating your first day as a homeowner. Let’s make your dream home a reality!