15 Oct Why You Should Buy Your First Home
Need a sign to finally purchase your dream home? This is it.
Home ownership has always been an important milestone of adulthood. However, some are hesitant to entertain the idea because of the perceived tedious process and price that comes with it.
Finally owning a house will feel like you’ve jumped onto the train just as the doors were closing. Your heart’s pounding but you made it—just in time. There are a lot of factors to consider in buying a home but if you don’t jump aboard the real estate train now, you might be too late.
Below are the essential reasons why you should consider buying a home now.
Deciding to buy a home may be a major step because of the process involved but consulting a finance broker eases the hassle. There’s a sense of security that comes with securing a home finance and eventually living in your own home because someone with an extensive experience in the industry is guiding you. There is also a psychological security to owning a home especially if you intend to start a family. A haven for the children in the family and adults alike is ensured. The equity you’ll have in your home will be the cash value you’ll be able to pull from that home. Moreover, your home also may appreciate in value over time, giving you even more equity.
Owning a home can be a potential investment because of the constant increase in real estate price. If you had the choice between putting money towards a new car or a new house, you should opt for a house because it will appreciate in value over time whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another and generate an income from it by renting it out.
Low interest rates are often seen and advertised mainly to sell the idea of “buying”—to the point that it’s becoming overrated. Some people fail to realise the financial advantage because of this. Studies have shown that a low interest rate can potentially save you money on your interest, only if you shop for the most competitive deals. If you are not sure how to do this, you can consult a finance broker to help you out.
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This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.