What's Important about Buying Your First Home

What’s Important about Buying Your First Home

August 19, 2010 |

Author Crystal

You’re Not an Investor. You’re buying a home to live in and enjoy. It’s not an ‘investment’ in the traditional sense. If the value of the home falls a little bit because of the market, that’s OK, you’re not trying to sell right away anyway.
You’re Making Others Rich. The money you pay in rent goes to buy a home for someone else to own.
Homes are Inexpensive. You may be able to make your mortgage payment AND save a little bit for the same amount you’re paying in rent right now.
Use that Savings. Use the monthly savings you’re receiving by purchasing a home to apply to your loan amount every month. You could own your house much quicker than the 30 years it’s supposed to take.
Low Interest Rates. You’d be surprised at how much the low interest rates help to make affordable homes even more affordable. Interest rates are expected to rise and even a 1% rise in interest rate could cost you hundreds of dollars a year in extra interest for the same home.
Prices Will Go Up. Historically, homes appreciate in value. Home values are already starting to change directions in some areas as the foreclosures and short sales are sold. And, if you’re in your home for the long haul you’ll be much better off.
Earn More, Same Payment. Over time you will earn more while your home payment will stay the same

Adapted from an article by Paige Tepping.

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