June is National Homeownership Month!
Homeownership is a big step and is one that requires a lot of preparation and work. If you’re ready to start your home buying journey, we have a few homeownership tips and tricks to share with you.
Benefits of Owning a Home
Owning a home comes with many benefits, from building your credit to just having a space to call your own. Here are just a few additional benefits to homeownership:
- Building equity: Equity is the difference between what you owe on your mortgage and what your home is currently worth, according to Quicken Loans. The more equity you build, the more borrowing and purchasing power you have, which is helpful if you’re looking to buy a second home or take out a home equity line of credit.
- Price appreciation: Homes tend to go up in value over time. The national average for home appreciation is 3.5-3.8% per year. This may not seem like a lot, but if you multiply that by 30 years, you’ve earned a substantial amount just through appreciation.
- Tax benefits: Buying a home is a great way to reduce your final taxes because the IRS automatically qualifies homeowners for various tax breaks. This is one of the ways that the government has promoted Americans to purchase homes.
These are just a few of the many benefits of homeownership. If you’re interested in learning more about some additional benefits of owning a home, connect with one of our experienced team members today.
Preparing to Purchase Your First Home
If you’re a first time homebuyer and are not sure where to start, you came to the right place.
When preparing to purchase a home, there are a few steps you should take before starting your house hunt:
- Connect with your real estate agent and conduct a buyer’s consultation
- Get pre-approved by a lender
- Start gathering for a down payment
- Find the right partners
- Consider your timeline
For more in-depth information on these 5 steps to prepare to purchase your first home, click here.
The 10 Steps to Buying a Home
When you’re ready to embark on your home buying journey, it’s important to get an idea of what the actual home buying process entails.
Buying a home is a big step that involves a lot of financial and market research, as there’s a whole new vocabulary of words and acronyms to learn.
If you are just beginning the process, here is an overview of 10 steps to buying your first home:
- Ask yourself: are you ready to buy?
- Check your credit report and score
- Start gathering for a down payment
- Find the right partners
- Get pre-approved by a lender
- Start shopping for a home
- Make the offer
- Get a home inspection and appraisal
- Close on your new home
- Move-in & consider various post-closing tasks
Ready to dive deeper into these 10 steps to buying a home? Click here.
From your first buyer consultation to many years down the road of homeownership, the Luxury Living team is here to help you at every step of the way.
If you’re ready to start the home buying conversation, connect with us today!
