Not quite sure you’re ready to commit? It’s perfectly normal to have cold feet—especially if you’re a first-time buyer. Homeownership is a big step, both emotionally and financially. But, like many other major life events, owning your own home can be an incredibly rewarding experience. And the more you learn about the process, the more comfortable you’ll become with the idea of being a homeowner.
Here are 5 compelling reasons to get you started:
When you sign a lease or rental agreement, you’re often consenting to let your landlord make the decisions about your living space. If you’re tired of playing by someone else’s rules, it may be time for a home of your own. Being a homeowner means having the freedom to paint the walls fuchsia, plant a rose garden or adopt that large-breed dog you’ve always wanted. It also means that nobody has the right to enter your home without proper notice or permission (a landlord’s legal right in many areas).
Becoming a homeowner means the days of hopping from one rental to the next are over. You’ll finally be able to stay put and plant roots. Committing to a permanent address can lead to establishing lasting friendships with neighbors, becoming a regular at local businesses (i.e., laying claim to your coffee shop or bookstore) and playing a more active role in your community.
If you’re a parent, consider that homeownership can also provide educational continuity—your child may attend the same schools with many of the same classmates and faculty for years to come. Statistics show that when children stay in the same school, their academic and social success is greatly improved, with ripple effects that can last for generations.
Do you worry about rent increases every time your lease is up for renewal? If you opt for a new home with a fixed-rate mortgage, your monthly principal and interest payments will remain the same for the life of your loan. That means you’ll never be surprised by a sudden jump in housing costs! And, if you happen to have extra funds to contribute, you can chip away at the principal and shorten the length of your mortgage.
You’re faced with housing costs each month—regardless of whether you rent or own your home. But unlike rent payments, which seem to vanish into thin air, your mortgage payments have the potential to help you build equity in your home. That’s money you may see again if and when you decide to sell. Also, new home payments are often lower than rent, which translates to more money in the bank.
The U.S. tax code currently allows many homeowners to deduct the interest paid on their mortgage, property taxes and even some of the costs associated with buying their home. Plus, when you finally decide to sell your home, you may be able to make up to thousands of dollars without having to pay capital gains taxes.
So, are you ready to purchase your dream home? There’s no time like the present, and we’re here to help. Central Oklahoma Habitat for Humanity builds homes in partnership with qualifying families and our community. We then sell these homes at no profit with a ZERO percent interest mortgage to low-income families. Our homes are attractive, well built and extremely energy efficient, with new home prices averaging about $119,000, plus the cost of land.
We’re here for you every step of the way to make sure you’re ready to buy a home and have the support you need to keep it. Contact us to learn more.