Purchasing a home is a huge milestone in someone’s life. Especially if you are a first time home buyer. Before you fill out that pre approval application, or start touring homes, there are a few things to consider.
Things to consider when buying a home:
01. Buying a home means generating equity: One of the coolest things about buying a home is generating equity. You can generate equity in your home by paying down your principal and/or purchasing in an up and coming neighborhood.
02. When owning a home, each monthly payment is like putting money into a savings account: Instead of like renting, paying towards your mortgage will actually go towards paying down your principal.
03. Owning a home allows you to take advantage of major tax benefits: These include being able to write off your interest as well as your homestead exemption. Talk to your tax professional to find out any other benefits you can take advantage of as a homeowner.
04. It could be a source of profit in your future: If you chose to upgrade down the line, your current home can become a source of income through either rental income or selling for more than you purchased for.
Whether it’s the family home being passed down or sold to help obtain other financial goals, owning is a great way to get there.
05. It could benefit your long-term financial plan: Owning a home long term could help set your family up long term. Whether it’s the family home being passed down or sold to help obtain other financial goals, owning is a great way to get there.
06. Location is an important factor for many people, a must to consider for resale value: When purchasing a home, it’s important to consider resale value. Things like location, layout, and size will make a difference.
07. Appreciation can make a big difference: Holding on to a property for an extended period of time can mean huge gains in the appreciation. When you sell your home, you can take advantage of that appreciation.
08. Staying on top of payments looks good on your credit: Paying your mortgage on time will keep you in good standing and impact your credit positively. Most loan servicers will allow you to set up an auto payment option so you do not miss a payment!
If you think it’s time to take the plunge, click here to connect with a Sage & Cedar agent. Set up a meeting with us to talk about lenders, the current market, closing costs, etc!