Can You Become a Homeowner?

As a younger agent in my mid 20s, a lot of the clients I work with are first-time home buyers. I love working with this group of buyers. I love explaining the process, guiding them through each step, and showing them the best ways to protect them as they make one of the biggest financial decisions in their life. 

However, many people my age typically count themselves out of becoming a homeowner. I get it... homeownership is not for everyone. Yet, for the ones that have that aspiration but continue to rent, I always ask why? What is holding them back? 

Typically the answers I get are - 

1) They are waiting to save up more money

2) They don't know how the process works

3) They don't understand the advantages of homeownership

That first answer I receive isn't technically wrong; when buying a home, you definitely need money saved up. There are a lot of different expenses such as appraisal cost, closing costs, homeowners insurance and many other things. Yet, to think you need 20% down is a suggestion that has been given to young home buyers over the years and has been detrimental to their future goals. There are also grants and down payment resource programs to assist you in the buying process. If you qualify for them, take advantage of them - you won't regret it. The best way to know how much you can afford and what programs you qualify for is to apply with multiple lenders (I can provide contact info!) and see what options they have. You won't know your buying power without trying and as I've said before, many first-time home buyers count themselves out before knowing how much they can afford. 

The second answer is a big one. This is where having a strong Realtor, like myself, comes into play. Someone who can explain the market, identify the best homes for you, and walk you through what goes on during each step is critical. Even when you're making offers to get a house, a good Realtor will be creative in getting you the best deal and winning the bid. Don't just take the first agent that showed you a home 3 weeks ago - this is the biggest investment you will make and you need to make sure you're in good hands. 

Lastly, homeownership truly is one of the best ways to financially propel yourself to stability. Most of the time, the equity in your home should increase. If your equity stays the same, you're paying down a constant payment unlike your rent that you previously were paying that increased every year. Other benefits to homeownership is that you can use HELOC loans to take the equity you've gained to purchase other investments and increase your portfolio too. I understand that there are definitely some economic concerns in this country, however, stable monthly payment from your loan is the best way to combat inflation in times like this as well. 

Overall, if you've thought about buying a home at some point, its best to talk to me and a lender so we can get you on the right path. Its much more attainable than you may think with the programs that are out there. 

Ready to make your move? Contact me today!