The Benefits of Home Ownership + 10 Things to Consider When Buying a Home
Buying a home is a huge milestone that we feel everyone should be entitled to, and empowered to achieve. We’ve taken note from local Lender Steph Noble at Cross Country Mortgage to highlight the benefits of home ownership, and also listed 10 things to consider when preparing to buy a home.
“Appreciation. A home is a long-term investment. Many homes increase in value as the debt attached to them decreases, and many types of improvements may add to the total value.
Ownership. By purchasing a home, you’re investing in an asset over time — an asset you have a stake in. When your loan is paid off, you’ll own your home and will have built equity in it.
Equity. When you build equity, you’ll also have an option to borrow against it to gain access to funds through refinancing or a home equity line of credit. This may give you added flexibility if you’re looking to consolidate debt, make home improvements, pay for college tuition, or supplement your retirement income.
Stability. Rent costs can change dramatically, but with a fixed rate mortgage, you’ll know what your payments will be throughout the life of the loan. This keeps payments consistent and stable.
Deductions. Mortgage interest and property taxes are usually tax deductible. Other aspects like points and application and appraisal fees may also be deductible. Consult a tax advisor for further information. Here are a few helpful tips to consider when preparing to purchase your first (or next) property.”
10 Things to Consider When
Buying a Home
Budget: Estimate what you can afford and compare it to your desired list of amenities.
Home Type & Style: Consider the type of home you are looking for such as a single-family home, condo, townhouse, etc. or Style, bungalow, NW modern, craftsman, mid-century, foursquare, chalet, etc.
Home Size: Decide on the size of the home, including the number of bedrooms and bathrooms.
Age of Home: Research the age of the home and any age-related features that may need to be updated or replaced.
Neighborhood: Research the neighborhood to understand the local culture, safety, and community services.
Home Features: Consider the features you’d like in the home such as a garage, deck, open floor plan, etc.
Property Taxes: Research the local property taxes and any potential assessments.
Home Insurance: Get an estimate for homeowner’s insurance to ensure you’ll be covered in the event of damages or accidents.
Home Inspections: Have a professional home inspector check the home for any potential problems.
