While there are many benefits to buying a home, the actual process may intimidate some. First, recognizing the benefits of homeownership, then reviewing the home buying process can bring ease to anyone looking to pursue this venture. Keep reading to see what’s in store when becoming a homeowner.
From having property to pass down to future generations to complete control of your abode, the benefits of homeownership are vast and varied. Some advantages to buying a home include:
When buying a property in the United States, the nation’s Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
It is no secret that real estate appreciates in value over time. We see this historically, as single-family existing-home sale prices have increased on average 5.2% each year from 1972 through 2014, according to the National Association of REALTORS®.
Spending your hard-earned money on rent is rough since you’ll never see the money again. On the other hand, mortgage payments allow you to build equity ownership interest in your home. This is also a ready-made savings plan, making a home purchase a wise investment in your future.
The ability to change your decor, paint your walls, add innovative upgrades, and anything that fits your lifestyle is available to you.
Buying a home in one neighborhood gives you and your family the chance to build solid and lasting relationships within the community. This is a wonderful perk for families and empty-nesters alike.
People often wait for the perfect time when it comes to life-changing pursuits such as buying a home. However, there is no “right” time to buy, though you can prepare in order to find and buy your dream home efficiently. Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or figure out a moving schedule. The more prepared you are, the more attractive your bid will be to sellers.
Do your due diligence to find an excellent mortgage broker and discuss your mortgage options. Take your time when finding the right mortgage, asking various questions to ensure you thoroughly understand the process.
Some common questions include:
What are the most popular mortgages you offer? Why are they so popular?
Are your rates, terms, fees, and closing costs negotiable?
What kind of bill-pay options do you offer?
Your commitment to buying and your offer will be more desirable if you are prequalified for a mortgage.
Work closely with your real estate agent to help you find the right neighborhood and type of home for you. They will assess your criteria and lifestyle needs to help you find the perfect property. Feel free to scout new listings yourself, your agent will do the same and have a plan of attack for getting you in that incredible home that fits all of your needs.
Once you’ve figured out exactly how much you can spend on a home and you find “the one,” you must act immediately! Don’t hesitate to put in your best offer, or you’ll risk losing it to a more prepared, eager buyer. Make the best offer to appeal to the seller. If you don’t succeed, you’ll at least know that you put your best offer forward. If your offer is accepted, you’ll be delighted that you took the chance!
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.