US Homeownership Soars With First-time Homeowners (VIDEO)
Homeownership has become a cornerstone of people’s lives. After you finish schooling and start looking for a place of your own, you’ll likely begin by renting. However, most people find, whether they start a family or not, they begin to outgrow their apartment pretty quickly.
According to the Local Records Office a few years ago, the real estate market was not at its greatest and many people feared the dream of owning a home was to be a thing of the past. Thankfully, now all of that has changed. Homeownership is at its highest starting in 2021.
Whether you already own a home and are looking to move or you’re looking to be a first-time homeowner, now is definitely the time to buy and invest in your future. Keep reading on to learn more about homeownership and its benefits in the coming years.
Renting vs. Owning a Home
There are many people who are still renting rather than investing in their own homes. With the fears of the past, it can be hard to blame people for being wary. Renting seems like an easy option, and for the most part, it is.
However, what are you investing in? When you move from a rented location, you don’t get anything back for the years you’ve put in. Unfortunately, most don’t even get their security deposit back. Let’s say you’ve lived in an apartment paying $800 a month for the past 4 years. You’ve already invested $38,400 into something that you won’t ever see again. You’re quite literally just paying someone to occupy a space instead of investing in that space yourself.
You could pay the amount of money and live in a place that you actually own and control. When you own your home, you don’t have to get permission to paint it or make renovations you might want to be done.
You can also safely upgrade your appliances and not have to worry about leaving them there when you move. The biggest benefit of owning a home versus renting a home or an apartment is the investment you’re making.
If you found a nice home for $90,000, in the above scenario after 4 years you’d already had it a third of the way paid off. Your money should count for something rather than just lining the pockets of someone else.
The Benefits of Homeownership
The benefits of homeownership are numerous. The main benefit is owning and having control over your area. You are not paying into something that you won’t get to keep. Rather, you are investing in your future and owning the place you call home. This allows your money to actually go somewhere and mean something.
You can keep your home for life and pass it down to your children, for example. That can’t be done when you’re just renting a space. Owning your home also opens up many other avenues. Your credit score will improve and you are far more likely to get loans and credit should you need it. Plus, should you ever want to move, your investment won’t be lost. In fact, you’ll likely make a profit. Homes increase in value all the time.
If you decide to sell your home after living in it for several years, you will likely sell it for more than you paid for it. This profit can be used to upgrade to an even better home if you’d like.
Tips for First-Time Homeowners
When you are looking to purchase your first home, it can be quite overwhelming. There is a lot to do, finances to sort out, papers to sign, and more. Therefore, it’s common for mistakes to be made.
Unfortunately, if the deal is already closed there might not be much you can do about it. That’s why it’s important to be prepared when you’re a first-time homeowner. Here are some general tips you can use to get started:
- Get Your Credit Report
- Make sure everything is correct and that your credit score is high enough to qualify for a mortgage.
- Get a Mortgage Pre-Approval
- Getting pre-approved for a mortgage should come first before you start looking for your dream home. This cannot only help you avoid disappointment, but it can also show sellers you are serious buyers.
- Use a broker to get quotes from multiple lenders
- Getting a mortgage quote can be very time-consuming but it can literally cost you thousands of dollars if you just take the first one. Use a broker to check different lenders and find the best deal.
- Check for first-time homebuyer grants and loans
- Many states, some cities, and even the federal government provide first-time buyer loans and grant programs. Even if you don’t qualify, you can also apply for one of three different government-insured loan programs.
Take Advantage of Property History Reports
Property history reports are great for new homeowners because of the amount of information that it has. A great online company is the Local Records Office in Los Angeles, CA offers property details, foreclosure activity, student-to-teacher activity, crime reports,s and much more. Local Records Office also offers a complete package for $89 that includes a copy of the deed.
Homeownership is at its Highest in 2021 – Take Advantage of this Market
If you’ve been considering purchasing a home, there has never been a better time! Homeownership is at its highest in 2021 and now is the best time to take advantage of this market. If you’ve been renting, it’s time to consider investing in your future rather than paying off someone else! You could easily own the home of your dreams and pay for that instead of something you don’t own.
This will allow you not only more control but a tangible item to pass down to other generations. You’ll also have the option of selling and actually making a profit if you do decide to move.
Take advantage of the real estate market in 2021 and find the home you’ve always desired. Now is the best time to buy. We recommend contacting a broker to help you get the best mortgage options and then hiring a professional real estate agent to assist you in browsing the market. Your new home is ready and waiting.