Is it time to buy a home? How do you know if it’s the right time for you?
1) Rent is Going Up
Does your rent increase every year? Do you like that? Then buy a house! When you own a home, you’ll likely get a 30 year fixed rate home loan. So every month and every year, your mortgage payment stays the same! Taxes and insurance may vary a little bit each year, but that’s it. In many cases your mortgage payment could even cost less than rent!
When you pay rent, you get a nice receipt, and if your lucky, an envelope? How great! When you move out, you won’t make any profit. If you stay there, the rent will keep going up and you’ll never pay it off. Owning a home, with each mortgage payment you pay down the mortgage debt. On average, in 5 years down the road, you’ll likely have enough equity so when you sell, you’d walk away with money from the sale. Wait longer to sell, and you’ll probably make more money. If you never move, then one day you’ll have the mortgage completely paid off. You can’t do that with rent!!
2) Steady Job
Do you have a steady job or career? Great! This will help you qualify for a mortgage loan to buy a house! If you love where you live and think you’ll like to stay in the community a long time, then you can settle down in a house and start making it your home.
3) Interest rates are super low!
Get a 30 year fixed mortgage loan now to lock in a very low rate for the life of the loan! If you don’t want to take our word for it, just ask your parents, grandparents, uncles or aunts what their interest rate was on the first home they bought, or any home they bought! Rates are STILL at historically low rates, lower than they have ever been. Did you realize that in many years of America’s history, the rate of inflation was greater than the current rate of your mortgage interest. That means it’s entirely possible your long-term mortgage rate could be less even than the rate of inflation in the future. That’s math that works in your favor.
4) Growing Family
Is your family growing? Kids planned for the future, on the way, or getting to the age where a shared room just isn’t cutting it? Invest in upsizing from your current home or apartment! When we set up a search for you, we can set your desired minimum square footage size and send you only homes on the market that will be big enough for your growing family. Don’t worry – there are many first time homebuyer programs available with very low downpayment requirements.
5) You Enjoy Doing Home Improvements
Are you a handy-man or handy-woman? Like fixing things? When you own your home, you’ll get to upgrade, fix, and improve to your heart’s content. Not only is it fun, but your work may pay you back later with a higher resale value! Remodeling the kitchen for example can significantly increase the resale value. More importantly, you’ll get to do improvements that make you happy and make your home exactly the way you want it. It’s your home, your rules!
If you’re thinking about purchasing your first or next home we would love to help in anyway we can! The great thing about dreaming of your ideal home is you can be as specific as you like. You can tell us exactly what you are looking for in a home, and we can email properties to you that are currently on the market and fit exactly what you’re looking for! Let us know if you have any questions, or are ready to take advantage of low interest rates and begin investing in your first or next property! We will be happy to set up a search that is just for you.