Can buying a house or condominium be better for your mental health than renting one? I’m sure that’s something you haven’t thought much about. Here’s why I believe there’s a strong link between purchasing a property and improving your mental wellbeing.
 

If you’ve ever rented an apartment or house, you’ll know that the amount of rent you’re charged normally increases each year. While some provinces have rent controls that limit the percentage increase, Alberta isn’t one of them. Knowing that your next rent hike might be more than your budget can accommodate is extremely stressful. On the other hand, entering into a mortgage agreement when you buy a home can give you much more financial certainty. For example, if you sign on for a fixed-rate mortgage for a set number of years, your monthly payments will remain the same over that term.
 

Living in rented premises comes with a number of rules about what you can and can’t do in your environment. These may be about decorating, painting, planting a garden, garbage disposal, recycling, and more. Understandably, your landlord wants to keep the property looking the same for the next tenant. Buying a house comes with the freedom to personalize your home and make it feel like the comfortable sanctuary you have always dreamed of for your family.
 

Your landlord can terminate a rental agreement early in certain circumstances. For instance, maybe they want to occupy the unit themselves or have a family member move in. If the property is sold, your tenancy can also be ended. Therefore, your living situation can feel a bit precarious. And, if there’s a dispute when your tenancy ends, the landlord may take you to small claims court - adding to your stress! Homeownership, however, provides long-term stability for you and your loved ones. The benefits of putting down roots in a community where you can make friendships and your children can attend the local school for years to come is gratifying.
 

Maybe you’ve had some great landlords over the years - there are definitely some excellent ones out there. Nevertheless, when it comes right down to it, the property belongs to someone else and your rent is paying their mortgage. Purchasing your own home gives you a satisfying sense of freedom and independence. Saving up a down payment and taking out a mortgage is a sign that you’ve achieved a level of success!
In summary, there are many mental health benefits to becoming a homeowner. If you’re ready to begin your house hunting journey, I’m here to help.