FC Canada

Shelter is one of the fundamental human needs, Every human being needs a place where they can rest, sleep, and eat. People who do not have shelters are usually referred to as homeless. In Canada, many people are coming forth to buy houses. This leads us to our main question: why do people purchase houses. This article looks at the various reasons as to why people purchase houses.

Provide shelter for their families

As we had earlier stated; shelter is one of the fundamental needs of human being. Parents are required to provide for their children. Some of the expectations that parents are expected to give include love, care, food, shelter, and medical assistance whenever a member of the family is sick.

Many people buy houses so that they can provide shelter for their families. In fact, in most cases, the family house is passed from one generation to another.

Cost-effective

Another reason that makes people buy houses is that it is cost-effective in the long run. As compared to living in a leased or rental house, buying a house is far much cost-effective than paying rent.

Many people pay rent for many years only to end up without a house by the time they are retiring. However, buying your house will help you save substantially and in the long run, you can either lease it or leave it to your next of kin.

Investment purposes

We also have people who buy houses for investment purposes. There are specific scenarios whereby some houses are usually put up for sale on the cheap. These might be houses that have been reposed by the banks as a result of not paying the loan arrears. We have investors who have always seized the opportunity and decided to buy such homes and later resale at a higher price or rent them out.

Business purposes

Lastly, people buy houses for business purposes. Toronto receives millions of local and foreign tourists every year. Whenever the tourists visit a place, especially the foreign ones, they will need a place to stay during their vacation.