Home buying is 90% preparation and 10% perspiration. You are mentally and emotionally ready to enter the home buying process, now what?
You like the idea of buying a home. You want a place of your own and you are tired of paying rent. After the appreciation we've seen the past few years, you are looking at a home as an investment and ready to start building equity. Maybe you are starting a new lift chapter with marriage or children and space, stability and community. You want the American dream or your American dream.
While all the above are valid and lend to the emotional side of buying, there are also many financial benefits to home ownership too. Did you know that you can deduct mortgage interest and homeowner's insurance on your tax returns? In our area, given the price of homes, this typically puts you above and beyond the standardized deduction, saving you money on your annual tax bill. We've had quite a run with appreciation over the last 6-7 years, but many of us remember when times were not so good. Historically speaking, home appreciate over time and you can build substantial equity in your home. Finally, you can avoid increases in your monthly payment.
All these benefits come don't come without responsibility. Purchasing a home at a price that's affordable and maintainable, is the key to successful home ownership. How does one know how much home they can afford?
I can tell you what you can "afford"according to lending guidelines and what you can get approved for, but often this number is far above what you can actually afford within your lifestyle. How much do you know about your own personal financial health? Do you have a budget? What is your target monthly payment? How much have you saved and how much of that are you willing to use towards your home purchase? What are you short term and long term goals? How can we make this purchase work for you now and in the future. These are all things I can help you explore. Together we will come up with a plan to make home ownership a reality.
