I remember buying my first home all by myself, and the immense sense of both accomplishment and worry that came with it.  In the first week, there are always sleepless nights thinking, what have I done, and will I be able to afford this.  Years later, the answers are obvious, I made an incredible investment in myself, and yes, I could afford this.  

When you buy your first home, you are often focused on the house, and that you've always been told it's the smart thing to own.  As time goes on, you will get an annual mortgage statement and realize in that first year that you have paid off very little of your mortgage, despite the size of your payments.  This is ok, as in time, you will realize your mortgage payments are slowly going more to principal and less to interest, and suddenly your equity is starting to grow faster.  

Sometime between years 3 and 5 of owning your home is a great time to reach out to a Guelph Realtor like Michael Bennett and ask for a rough value on your home.  I can do a quick one and just tell you what the market has done in the time since you purchased, or we can dig deep, tour your home, look at your updates and improvements and give you a solid understanding of what your home might sell for in the current market.  (If you purchased immediately before the Covid-19 pandemic and ask me for an opinion in January 2022.... you will be pleasantly surprised.)

After 5-10 years with an average growth, and your continued diligence to pay your mortgage you will have equity in your home that gives you financial strength.  That financial strength provides you with the opportunity to remortgage your home to build that garage, add a pool, or redo the kitchen.  You of course can also just continue to pay down your mortgage with a goal of living mortgage-free.