Purchasing a home can seem overwhelming to many potential buyers and for good reason. Buying a house is no small task that requires quite a bit of work in the months and years leading up to the time when you’re finally ready to buy. For many “potential” home buyers, the work and effort oftentimes required to purchase a home is a big enough turnoff to steer them away from the process entirely.
The reality, however, is that the dream of homeownership is worth the effort especially if you’re prepared in advance for what’s certain to come. If homeownership really is your dream, then plan ahead and start early for your financial health, and be ready when the day comes down the road. Here are some of our tips for why the dream is worth the effort.
Homeownership seems expensive on the front side. “Spending” a hundred or two thousand dollars seems like an exorbitant amount for a place to live, but the reality is that there’s an entire system, market, and line of professionals prepared to help you through that process. Not only that, but homeownership will improve your financial well-being in the long term.
When it comes to making your money work for you, homeownership is almost backward. In general, you put money into an investment instrument, the instrument increases in value, and you realize those gains down the road. Oddly, a home is an investment you make where your contribution stays the same or even decreases! The truth is that your home’s value increases, but your payment and contribution (in the form of a mortgage payment) generally stay about the same.
All that to say, in a market where seemingly everything fluctuates in price in the “wrong” direction, owning a home is one of the few constants. Plus, you get a major asset, a consistent payment on that asset despite inflation and market conditions, and you own the thing that you’re paying towards instead of renting!
Psychological Benefits of Homeownership
There are significant psychological and emotional benefits to owning a home that you may not have considered. Have you ever worried about your landlord, getting your deposit back, or significant changes that require moving at a moment’s notice? Many of those concerns are quelled with homeownership as you have the power to do as you please, organize a financial plan that works for you, and don’t have to worry about a landlord selling their property or making changes that don’t fit your lifestyle.
Besides that, you get the absolute benefit of owning a home that you can choose to update, renovate, and decorate as you see fit and make the home fit you and your family. No longer are you pigeonholed by the requirements of a rental property!
Putting the Pieces Together
The biggest thing you’ll need to do when you come into the homeownership realm is to 100% commit to the process. If your dream is homeownership, then make a concerted effort towards that goal. Whether that means saving a little extra money or forgoing some entertainment or other expenses, make your lifestyle one that helps you realize that dream.
Let’s face it, most first-time homebuyers will experience a few bumps and bruises in their first few years of homeownership. After all, there’s a financial adjustment period as well as a bit of a learning curve to handling the challenges that come with homeownership. Fortunately, these challenges are felt across the nation with new homeowners, and you’ll overcome them with persistence and patience! Reach out to Tidewater Mortgage Services, Inc. and we’ll walk you through every step of the way!