Do you know how COVID is impacting home ownership? Read our article to learn how this might affect your real estate investments.
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How COVID is influencing home ownership
COVID-19 has affected most aspects of our lives, including where we’re choosing to live. Many city dwellers are looking to get out of the high-density downtown core and switch to suburban or rural living.
For those who own a home, it’s an attractive time to sell. Sale prices on homes in the city, particularly houses, are soaring and while properties outside the city are also rising in value, prices are still noticeably lower than comparable homes in urban areas.
It’s easy to see why some are attracted to suburban and rural living.
Residing in a lower density community means fewer traffic jams and more opportunities to get to know your neighbours.
You can often get more house — and more land — for your money, giving you space to spread out in. That’s particularly important during a shelter at home order, but it’s also helpful now that people are working and learning from home more often. An extra bedroom or den provides a private office to work in, while a big backyard or deck means more fresh air and relaxation space for the whole family.
The lower cost to purchase a home outside of the downtown core means you may be able to pay down more of your mortgage, or perhaps even pay it off completely, a possibility that creates its own lifestyle advantages.
Could you invest the equity that you’ve freed up to spend less time working or to retire earlier? Or could you use the money to help your adult children get into the challenging housing market?
If selling your home to relocate is in your future, now is the time to sit down with your financial advisor to discuss options and opportunities. You’ll want to look at the role of your home in your retirement plan, for example, and your overall balance sheet including how your assets are invested.
If you don’t have a financial plan and would like to take the reins on your finances, book your complimentary 30-minute consultation session with our team!
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