You may have heard the news. For those hoping to purchase a first home, it’s a buyer’s market. Following the housing bubble of just a few years ago, the market has yet to fully rebound. That means there are more houses than folks that need them. In many markets, these houses are selling for half, or less, of what they may have sold for 10 years ago. And the bar isn’t set too high. For those with steady employment, pre-approval is yours with just a call to your bank. Many cities and municipalities offer grants and tax incentives to new homebuyers, to get good people into empty houses. It’s good for their tax base, for crime rates, for the culture and quality of life of their citizens.
So why aren’t more people jumping at the opportunity to buy? Some people don’t want to be tied to a mortgage. They enjoy the freedom of renting. Others are simply worried about the financial commitment. Still, others have never considered homeownership as an option for them. Can they handle it? I’m here to tell you can. Take a look at Homestart’s first homeowner’s page. This is just one of many financial incentives to make it a little easier to get you the keys to your new place. Think about it. You’ll likely never see a chance like this again in your lifetime. Here’s how your life can change by owning your home.
- Savings. Because your mortgage is likely to be so much less than what you would pay in rent for the same property, you’ll be able to save or spend your extra cash on other things. I live in a connected row house, and my mortgage is $506. My neighbors pay $1150 a month, to rent a nearly identical property. With the money we save, my wife and I have been able to make major renovation changes to our home which helps us build….
- Equity. When you rent, your money is gone forever. But when you pay your mortgage, you gain equity, the stake of your house that you own outright. This works wonders for your credit, your ability to secure another loan in the future, and your peace of mind. When you own your home (especially when it’s paid off) you have a big safety net in the event of job loss or other emergencies. Some people are able to take a lot more time to do things they enjoy, without having to worry about making money all the time.
- Enjoyment. Homeownership is a big, grown-up decision. But it’s one that makes you feel good. If you have a house that you can easily afford, you’ll enjoy making it into the home of your dreams. You’ll be able to establish roots in your area. You may even find that you want a second house to rent out to someone else in the future. You’ve bought yourself peace of mind and options.
Homeownership is a boon to many. With so many houses on the market, it’s easy to find the best place for you. It’s a big decision, but the rewards are great. Why not look into the possibility for yourself?