Benefits of Homeownership
The desire to own a home presents itself at different times for different people. For some, the longing to settle down may come after years of moving from apartment to apartment or traveling for school or work. For others, starting a marriage or a family might inspire visions of a cozy place to create lifelong memories. No matter when or why you reach the decision to purchase your first home, it is crucial that, before signing your name on the purchase agreement, you have the education you need to make sure you’re fully informed and comfortable with the process, and that, as a result, you get the right home at the right price for your personal and financial needs.
Your home is likely the most costly purchase you will ever make. That thought in itself is enough to make you break a sweat, right? But also consider that owning your own home actually saves you money and gives you peace of mind in several ways:
- By paying a monthly mortgage, you’re investing money in a property that will be yours until you choose to sell it, rather than putting your money into someone else’s account with rent payments.
- During tax time, you can deduct the interest that you’ve paid – as well as any paid points – on your mortgage throughout the year.
- You have the freedom to do whatever you want in your own home (as long as it’s legal, of course) without considering rules set by a landlord.
- You can decorate your home the way you want to. In addition, you have the freedom to make any major structural changes you’d like, which you often cannot do as a renter.
- There is no requirement that you contact a landlord when problems arise. As the owner, you have the convenience of immediately sorting out the issues yourself.
- If you have children, having a space of your own allows them to grow up in their own room(s), make friends with other children in the neighborhood, attend nearby schools, and build memories that will stay with them in the long term.
Where + How to Start
Daydreaming about homeownership is one thing, but starting the process of shopping and buying comes with loads of procedures, piles of paperwork, and lots of foreign terms and concepts.
To get a head start and simplify the process, determine whether you’re financially comfortable with taking the next (big) steps by calculating the costs associated with buying a home:
- The actual cost of the house
- Interest you’ll pay on the mortgage
- Solicitors' fees (realtor, real estate lawyer, appraiser)
- Closing costs
- Costs for repairs and renovations
- Costs of furniture and décor
- Cost of utility bills
Once you are confident you can afford to buy a house, you’ll need to secure a loan from a reliable lender, like 3Rivers. From there, there will be several negotiations and lots of legal work will be involved. If all goes well, you’ll own your first home and enjoy the freedoms that come with it.