Home ownership

Buying a house is possibly the biggest purchase of your life. Is it a good idea to buy while you are attending school?

Can you afford it?
The primary consideration is whether or not you have the capital, or the resources, to make the necessary down payment. If you do, it's possible that you can live rent-free, and establish a great credit rating, while attending a post-secondary institution.

If you buy a house with extra bedrooms and enough living space, you can pay off the mortgage by getting renters to live with you. The rent you charge can cover your mortgage payment each month. Remember to take into account house insurance and applicable taxes.

Benefits
Instead of paying rent, which goes toward somebody else's mortgage, you will be building equity. If you choose to move somewhere else after you finish school, you can sell the house and gain liquidity. You can use this to put a down payment on another home or invest it.

Sometimes a post-secondary education takes longer than you imagined. The longer you stay in your house, the more you will be able to pay toward the mortgage.

But all of these things are just the financial benefits. There is also the pride in ownership, the ability to choose the type of house and the sort of neighbourhood that you want to live in, and the additional living space in a house vs the usual student dormitories.

If you're interested in discussing a mortgage, we'd love to help:

 

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From the desk of our CEO

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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