Buying a home is a big decision. The financial and emotional stakes are high, but the rewards can make it all worth it. Here are some thoughts to help you decide to begin your home-buying journey.
Owning your own home can improve your quality of life, provide financial stability and give you a sense of control you just can’t get from renting.
If you pay rent each month as a tenant, you will be paying a mortgage payment each month as a homeowner. However, as a homeowner your monthly mortgage payment creates equity for you, not your landlord.
There are many loan options available for homebuyers. Contact your bank, credit union, or mortgage lender to get started. You can also get a recommendation for a good mortgage lender from your local real estate agent. They work with lenders all the time and know which ones offer the best service and the lowest fees.
As a real estate broker, I deal with mortgage lenders all the time and I can recommend several that can help you get financed for very little down payment – In some cases, your down payment is less than you would pay as a deposit for a rental. For a list of preferred mortgage lenders, contact me at Dan@DenverPropertySales.com
The interest on your mortgage is a tax deduction:
When you pay rent, none of the money you pay to your landlord is tax-deductible. However, when you own your home, the interest you pay is tax-deductible. It’s nice to get a break at tax time. Talk to your tax professional to learn more about the financial benefits of home ownership.
Fixed monthly housing payment:
If you opt for a fixed-rate mortgage, the monthly rate of your mortgage won’t change for the length of the term. When you rent, your landlord can raise your rent at the end of your lease. And if you are renting month-to-month, lookout! You have very little financial control.
When it’s time to sell your home, you don’t pay taxes on the proceeds of the sale above what you paid. There are some restrictions, so contact your tax professional for advice.
Look for a house you can stay in long-term and one that will grow with your family and needs. The financial benefits of owning increase over time. It is important that you to select a real estate professional to serve as your exclusive Buyer Agent. A Buyer Agent works for you and is legally responsible for your best interests. The good news is that there is no cost for you to employ a buyer agent. The buyer agent fee is paid out of the listing agents commission, not you.
It is recommended that you interview several real estate agents before selecting one that you are comfortable working with and who understands your lifestyle. Make sure the agent knows the neighborhoods you’re interested in, and can answer questions you’ll have about the location. For a free buyer consultation, contact me at 303-521-5120 or email Dan@DenverPropertySales.com
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I have a really cool property search tool on my website at www.DenverPropertySales.com or better yet, get my free App for your cell phone or tablet at http://app.kw.com/KW2GWHWY and have fun searching for a new home today.