The thought of buying a home can be a scary process, especially if you are a first time homebuyer. You are literally, in most cases, married to a debt for 30 years. Many people are afraid of that responsibility along with the task of owning and having to be responsible for everything that comes along with the house, i.e, problems, things broken and needing replaced as well as the extra expense that are requirement's of home ownership.
Home ownership is the cornerstone of a strong community. – Rick Renzi
Nevertheless, we all need a place to live and secure our belongings. If you don't own the house, you will live in a house someone owns. As a licensed Realtor for over 20 years, I've heard and seen almost every situation and scenario that keeps people from pursuing "the American dream of home ownership."
Before you buy a home, watch this‼️
As a first time homebuyer, the purchase of a residence is one of the most significant financial milestones in your life.
5 reasons why owning a home is beneficial and rewarding.
When you (and the bank) own the home, you are positioning you and your family for wealth. There are few other commodities that produce dividends like real estate.
You gain stability, build equity and acquire ownership as a first time homebuyer. These three factors will certainly put you in a different tax bracket.
You create generational wealth. Unlike renting a home, you can actually pass your home down to your kids. They can sell it (and earn the profits) or keep it, live in it or rent it out and become a landlord.
The freedom to do as you please. You can't do to others what you can do to your own. If you want to paint it, reconstruct it, add on to it, whatever. It's yours to do as you please.
Owning a home provides leverage and can be a long term financial planning strategy. The home can be considered a forced savings vehicle that will likely produce large dividends over time. The equity in a home could be a nice retirement income.
Nevertheless, home ownership isn't for everyone nor should it be considered without analyzing your current situation. You must be able to afford and prepared for all that comes with the title of "homeowner."
To learn more about becoming a first time homeowner, knowing about credit and your personal credit is so important. Get my complimentary credit guide here. Need one on one about homebuying, feel free to contact me for a first time homebuyer consult here. I am licensed in Missouri and Georgia and I have connections with Realtors throughout the US.
Thanks for reading. Please share with someone who's interested in becoming a homeowner.
Much love,
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