If you have been thinking about making the transition from renter to homeowner, now is the perfect time to act. Interest rates are low, but they could be rising soon. If you act now, you can enjoy the following first-time homeowner benefits sooner than you think:
1. Building Wealth for the Future
When you pay your rent for a year, you end up with nothing more than a dozen rent receipts. When you pay your mortgage for a year, you are 12 months closer to owning your home, free and clear.
Making the transition from long-term renter to first-time homeowner allows you to start building wealth for the future, something that will become more important with each passing year. No one can guarantee that the home you buy today will be worth more tomorrow, but the chance to build long-term equity is one of the biggest perks of home ownership.
2. Stability for Your Family
Renting is fine, but owning your own home provides an additional level of security for your family. For example, when you're shopping for your first home there's a chance to check out the local schools to see where your children will be going and what they can expect. Owning your own home also means having a backyard, where the kids can play on their own swing set. Childhood memories like this are priceless, all courtesy of your first home.
3. Protection from Rising Rents
If you buy your first home with a fixed-rate mortgage, you always know how much you will pay. The same is not true for renters, especially in hot markets and neighborhoods undergoing gentrification. Many renters, blindsided when their previously affordable apartments skyrocket in price, have limited options when rent spikes take place. Becoming a first-time homeowner can protect you from price spikes and make your financial life more predictable.
Making a move from renter to first-time homeowner can be scary, but it comes with a host of potential benefits. From a lower tax bill to greater peace of mind to financial stability, there are plenty of reasons to kiss renting goodbye and start shopping for your first home.
So if you have had any thoughts about going from RENTER to HOMEOWNER, contact The Militello Team
today. We know some of the BEST mortgage officers who will work with you through the long-term...you may be ready to buy now or with the loan officers advice you may be ready in 6-months or so. We have a program where we will sit with you and review everything you need to know about purchasing a home prior to putting in a bid to offer. We know and understand real estate and live and actively participate in the market North of Boston in Essex County on the NORTH SHORE. We have over 40 years of experience and are willing to share our knowledge and expertise with you.
THE MILITELLO TEAM
(978) 815-3877 - Joseph
(978) 500-1480 - Kathleen
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