It’s your first home, but it’s not our first transaction. Count on us to help you understand each stage of the process.
What are the benefits of homeownership for first-time buyers?
Homeownership brings many benefits. When you buy your first home, you’ll become part of a community and experience the security of owning the roof over your head.
As a homeowner, you may also be able to:
- Take control. Avoid rent increases and cancelled leases while creating a home that meets your needs and tastes.
- Build home equity. Grow your assets with the principal portion of your mortgage payments as your property value potentially increases.
- Get tax benefits. Deduct mortgage interest and real estate property taxes on your income tax returns. (Consult a tax advisor regarding the deductibility of interest).
- Build your credit. Create a strong credit history by making on-time mortgage payments.
What should I consider before buying a home?
Homeownership is a serious and long-term commitment: financially, geographically, emotionally, and more.
Give careful thought to these factors as well:
Financial responsibility. You’ll need to pay for utilities, maintenance, and repairs — on top of your mortgage payments, property taxes, and homeowners insurance.
Potential risk. Real estate often increases in value over time, but not always. Your property value can also go down.
Tighter ties. As a renter, you can pick up and move with short notice. When you own a home, selling it before moving on is more complicated.
A home is probably one of the largest purchases you’ll ever make. Knowing what to expect can help you make informed financial decisions.
Contact Partners Real Estate Professionals today to schedule a time to sit down and talk about your specific situation. If we can help, it would be our honor.
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Contact Partners Today 810-220-7653
“Taking the first steps was not as hard as we thought… You have to just do it.”