Owning your first home is not only a financial decision but an emotional one too. Buying a home is one of the first steps to securing your future for yourself and your loved ones.
When you own your home instead of renting, you can decorate and make home improvements to your taste. You and your family will have a place to call their own, become a member of the community and feel the pride of homeownership. Your kids will grow up with other kids in the neighborhood and feel a sense of belonging. They will have stability by remaining in the same school district.
You will have peace of mind that you will have a place to live until you are ready to sell and move and you are building equity instead of paying your landlord’s mortgage each month. Equity is the difference between what you home is worth and how much you owe. So if your house is worth $200,000 and you owe $150,000, then your equity is $50,000.
You will not be subject to rent increases or the uncertainty of whether or not the owner sells the property or stops paying their mortgage and goes to foreclosure. You will not have to wait until your landlord decides to make improvements or fixes broken items.
Financially you will benefit from overall real estate market increases. As real estate values increase so does the value of your home. You will also have the tax benefits associated with owning a home by deducting your interest and taxes. These deductions will decrease your taxes owed each year and will allow you to either adjust your withholdings to receive more in your paycheck or get a larger refund at the end of the year.
Real estate has historically increased in value and unlike stocks, it is something you can physically touch. Real estate can be improved which increases its value and it can also be rented out for additional monthly investment income.
We are happy to help you by offering guidance as to how much you would qualify for, what your monthly payment would be and give you advice as to how to best structure your offer. We can also help you with finding a buyer’s agent to help you with your home search.
The first step is to get preapproved for a mortgage loan. We take a look at your income, employment and assets to determine how much you would qualify for. We will offer different options and help you decide which is best for you and your family. Once you are preapproved for the mortgage loan, then we will help you find a professional buyer’s agent, if you don’t already have one. Once you are preapproved, you are ready to begin the search for your new home!
It is a wise decision to buy instead of renting a home. Not only will you enjoy the stability and peace of mind of owning your own home, but you will also save a tremendous amount of money in taxes and benefit from increased real estate values.
Just give us a call, we are happy to help you!