Considerations for First Time Home Buyers
You Might Financially Qualify to Own and Not Know It
Buying your first home is a major step. There’s a lot you need to know to make the right decisions – and also to avoid making the wrong ones.
The good news is that properties for sale in the Georgian Triangle offer fantastic opportunities to get a nice home at a great price. With the current, historically low mortgage rates you might be able to lock in at a very good fixed rate.
Without question, owning a home comes with responsibilities that you don’t have if you rent: mortgage, taxes, ongoing maintenance and repairs, to name a few. Still, financial advisers – not to mention homeowners – say there are far more advantages to owning:
- In the long run, you’ll lose money by renting. Why not build up equity in a home instead of paying your landlord’s mortgage?
- Although there are periodic market drops, historically owning a home has been a prime financial investment
- Owning isn’t just a good investment financially, it’s an investment in a higher quality of life – particularly if you have a family or planning one
- It just feels good to own your own home. You can decorate it any way you like, renovate, personalize your landscaping and more.
There’s one way to find out: go to your bank or a mortgage broker and let them analyze your financial situation. You might be surprised, because the pity is that many renters financially qualify to own homes but don’t realize it. Are you in this category? It would be a shame if you wanted to own your own home, but didn’t know that you could – particularly given the current real estate market and mortgage rates.