Buying a house can be stressful, but it does not have to be. When equipped with the right information so that you can make an educated decision about your next house, the process can rather be thrilling. In the third part of our First Time Home Buyer Guide, we will be discussing why you should buy a house young.
With money in mind, when you are financially ready to purchase a house and ready to settle down, below is a basic overview of what you should consider before making that big step:
Buying Basics for First Time Home Buyers
There are a few advantages of buying a house when you are young. One of the biggest upsides to having your own house is the ability to renovate and customize your house as you like. Living in an apartment comes with many restrictions. You cannot physically change the space that you live in compared to living in a house due to rental agreements. Furthermore, these improvements would actually increase your property value. You would also be able to avoid other restrictions like having a pet. Your house is not only just a place for you to live in, but it can also be used as an investment tool years down the line. When you constantly working on and upgrading your home, the value of your house will gradually increase, so it can ultimately help you sell the house for a higher price depending on the current market.
Although a mortgage can at first seem similar to an apartment’s monthly rent, unlike an apartment where you would have to pay your rent until you move out, you will not have to pay for your mortgage after following through with all of your mortgage payments. Here are two of the many mortgage types:
Mortgage Series: Conventional Loans 101
Mortgage Series: FHA Loans 101
Furthermore, you may also be eligible for tax deductions as a homeowner. This means tax benefits when you include your mortgage interest and property taxes.
Even though this might seem overwhelming, the LORE Team in Orlando can help support you during this new and exciting time. A professional can make this process easier by filtering your personal preferences, such as distance from work or school, types of neighborhoods, price range, location, etc., and find you a larger pool of listings. Our professionals have over 50 years of experience and extensive knowledge of real estate, and they would be more than happy to assist you in your search of a new house.