Canada’s real estate industry has been one of the most talked about sectors over the past few years as prices have increased and it has remained to be a seller’s market. This has not stopped individuals and families from investing in their first home or an investment property, however.
Investing in real estate allows for individuals to be empowered financially. The goal is to invest now so that your home can act as a nest egg and increase in value until it’s time to sell and roll those earnings into retirement or a smaller property. Many transition from renting a property to owning one, which is already quite a significant step in itself, but what else do you need to consider?
How Will Your Home be Used?
Working from home is a trend that has grown in tandem with entrepreneurship as newer companies developed only to require the talents of freelance workers. Larger corporations now offer work from home options for their staff, making the family home a hub for business as well. Whether you are running your own business from a home office or working from the comfort of your kitchen table, your home has now shifted from being a place of residence to being a place of work! As soon as your home is used for anything other than family dinners, nights spent enjoying quality time together and a medley of schedules, play dates and everything in between, your insurance policy must be changed to reflect this.
Residing or Renting?
While more and more people are choosing to purchase a house, the rental market has not lessened. There is a shortage of rental properties available for those not yet able to buy a home of their own. With more people looking to rent and mortgages not decreasing in size due to additional stress tests implemented by the Canadian Government, many homeowners are considering turning their property into one that can generate much-needed income. While renter insurance can protect the individual who is renting, homeowners must consider updating their house insurance to include any additional coverage that may be needed to protect themselves and additional residents.
Protect Your Home
You have invested money, time, and emotion into your home as it is the place where you can rest, belong, and spend time with those you love most. When unexpected damages and losses occur, whether they be due to inclement weather, flooding, fire, or vandalism, ensure that your house is protected so that you and your family can restore it to everything you need it to be, without worrying about the cost.
We are passionate about helping people become empowered by owning their own house or income property. Let us help you prepare for your financial future by protecting your greatest asset, your home. Contact our team today!
