With the change in the real estate market and economy as a whole, buying a home has been scrutinized in recent years. While it once was considered a necessity for attaining the American Dream, it is now taking on a new role as an optional lifestyle choice. Some people choose to rent, but there are several ways to ensure that owning a home will benefit you financially both now and in the future.
1. Buy the right home.
There are always thousands of homes on the market waiting to be purchased. The key is buying the right one, one that will continue to be a good investment for years to come. This is where experienced buyer’s agents become an invaluable asset. They know the in’s and out’s of the real estate market and can help you find a home that fits your lifestyle and will continue to hold its value. The neighborhood, building materials, design, and condition all play a role in how a home is valued. Consult with one of our buyer’s agents to make sure that you find the home that is right for you today and will continue to be a good investment tomorrow.
2. Understand the costs.
There are costs involved in owning a home, with a doubt. However, there are also costs involved in renting a home. The difference is that all the money you pour into a home you own will continue to benefit you. When you pay for a rental, you are essential paying someone else’s mortgage and will never see the long term benefits of that investment. When you renovate your kitchen, work on the landscaping, clean out the gutters, or paint the guest room, you are investing your time and money into your home and ensuring that it retains its value should you ever decide to sell.
3. Do your research.
Research shows that “those who buy homes tend to increase their wealth faster than those who rent”, but there is substantial cost involved in buying. If you are ready to buy, it’s important that you know where you want to live and are financially prepared for the upfront costs of a down payment. Before you buy, acquaint yourself with the costs of owning a home in your area. What kind of repairs are needed every year? What are the weather risks? Be mindful of the kind of care your home will need in order to stay in great condition. And remember that the longer you are in your home the more equity you’ll have, which will in turn increase your net worth.
When buying a home, think long term. In addition to giving your family a beautiful, welcoming place to live life and make memories, home buying can also be an enormous asset financially. Hire a real estate team to help you navigate the process and find a home that will prove valuable to you and your family for years to come.
If you’re ready for find your dream home or have any questions, contact us at 1-866-684-0900 today!