To buy or not to buy – for some, this is the question. And for the first time home buyer, becoming a homeowner can seem like a daunting endeavor, not to mention just plain scary. But, with rents oftentimes comparable to a mortgage payment, it makes sense to consider the many advantages of owning your own home.
Being in control. Sounds nice, right? Being a homeowner means your landlord can’t raise the rent. (It also means you don’t have a landlord!) With a fixed interest rate on your loan, payments are relatively steady and with that comes the peace of mind in knowing what to expect month to month.
Building equity is another perk. Equity is the difference between your loan balance and your home’s market value. As you pay your loan down, you increase your equity. Over time, you own more and more of your home. In this way, your home becomes a financial asset.
In addition to building equity, homeowners enjoy tax deductions. Mortgage interest and property taxes are both tax deductible which means significant tax savings for you.
Thinking about painting the bedroom a nice shade of teal blue? Prefer hardwood floors over carpet? Ready to give those dated cabinets the heave-ho? If you own a home, you can make changes that fit your personality and lifestyle. And with a little elbow grease and know-how…voilà! Home sweet home!
If you’re thinking you may be ready to ditch the rent, but don’t have a clue how to navigate the home buying process or even where to start, consider using a realtor! With their knowledge and expertise, a realtor will guide you through the entire process.
They can determine how much you can afford, recommend lenders and work with lenders to pre-qualify you. Additionally, they have access to the Multiple Listing Service (MLS) which is a listing of all homes for sale. With access to the MLS, a realtor can get information on the history of a home, how long it’s been on the market and gain information on schools and the neighborhood.
They can answer questions regarding current market conditions, interest rates, getting an inspection or an appraisal, title searches, etc. And when it comes time to make an offer, they can help determine what to offer – handling all of the paperwork and negotiating on your behalf.
Their job is to make sure everything goes as smoothly as possible in addition to taking care of your needs. And from a realtor’s perspective, you come first. You may be asking yourself what the services of a realtor will cost? For the buyer, absolutely nothing. That’s right – free!
Purchasing a home for the first time is an exciting life event. And with the many advantages associated with buying, why not go for it? When it comes to becoming a homeowner, ultimately you hold the key.