List of Pros & Cons of Buying for First Time Home Buyers Who Want the American Dream but are Sitting on the Fence.
There are many Benefits of Home Ownership for First Time Home Buyers when buying Now! An experienced agent will help you explore these benefits.
- Fulfill the American Dream- American’s want to buy a home because home ownership has always been part of the America Dream! To own your own home and the land it sits on.
- Lifestyle- A place to call home and make memories with your family. There is ” Pride in Home Ownership” that ties you closer to your community. A place of escape, that zen place, that place that makes you happy. A safe place from the world! It is a place where memories are made, and families are raised!
- Stability. You no longer have to worry about your lease not being renewed or your rent being raised. Fixed rate mortgage payments are more stable over the long-term.
- Lower Income Taxes. The interest you pay monthly on your mortgage is tax-deductible. The majority of you monthly payment is interest, so this a big tax deduction for a home owner. The rent you pay is not tax-deductible. Your property taxes and also some of your closing costs are tax-deductible.
- Interest Rates are Very Low Now! Get lower monthly payments by taking advantage of the low-interest rates now when buying a home.
- Affordable- Rental rates are high right now and you can get more of a home when purchasing than you do when renting right now in most areas of Central Florida Neighborhoods. Typically in the past it has been cheaper to rent. Would you prefer a rental of 1500 square feet for 1500 per month or a home over 2500 square feet for 1500 per month?
- Equity Investment. When you sell your primary residence you don’t have to pay taxes on the gain from a sale for the first $250,000 for singles and $500,000 for married couples! This is big! To qualify the home must have been your primary residence for 2 of the last 5 years !
- Greater Privacy. No landlord looking over your shoulder.
- A Place of Your Own- It is fun to decorate and create a place that is all your own.
- Down Payment Assitance Programs Available. If you qualify this can help you get into a home with little money down.
Possible Negative’s – An experienced Agent can help you over come or minimize these potential issues and guide you through the sales process.
- Possible Repairs & Maintenance. Remedy- 1) Have a building inspection 2) Purchase a Home warranty.
- Selling & Buying a Home More Complicated than Renting. Remedy- Hire experienced agent with proven track record that can help make this process much easier.
- Qualification Process More in Depth than Renting. Remedy- Get direction from a good mortgage broker that is referred by your real estate agent whom together will walk you through the process.
- A Long-Term Financial Commitment the value of your house may not increase – especially during the first few year. Remedy- Get direction from your real estate agent on properties values, good places to buy and market area trends.
- Down Payment– Remedy- Get direction from a good mortgage broker that is referred by your real estate agent whom together will walk you through the process. There are many first time home buyer down payment assistance programs that can get you in a home for low money.
My son who is now 23 always refers to our second home where he was raised from age 6 to 15 as a time of his favorite family memories. He talks about the home where he had holidays with family, cook outs, pool parties, and sleep overs with friends. How he loved his bedroom and it was his safe and comfortable place. It warms my heart that he has these great memories. As a real estate agent, I want to help every family to achieve their home ownership dreams! To find and buy that place where they can make their own memories with their family! Then when it is time to sell, to help them optimize the profits from their investment.
Next Blog is about Taking the First Steps to Home Ownership
Pamela Taylor, Realty Center