June is National Homeownership Month, celebrating a key part of what many people see as part of their life dreams. And why not? Home ownership can be a great investment with many benefits.
Long term cost savings – By paying your monthly mortgage, you are creating your own nest egg, instead of paying off someone else’s mortgage or generating revenue for them. In many cases, mortgage payments, especially for first-time buyers, can be very close to or even lower than monthly rent.
Equity – As you pay down your mortgage, you build equity in your home, increasing your net worth and your future ability to obtain home equity loans for other expenses, including home improvements (which can further increase the value of your investment).
Improving credit – As long as you make your monthly payments on time, you can improve your credit rating, making it easier to secure other loans for future expenses.
It’s yours – When you own property, the decision on how to use it is yours, not your landlord’s. You can decide how to decorate, renovate, add on to create more living and entertaining space, and generally use your property however you want. The financial benefits are great, but this may be the greatest benefit of all.
Of course, if you’re a first-time home buyer, you’ve got a lot to think about, including securing a mortgage, which can be an uncertain prospect. But, working with the right bank can make it a much easier and satisfying process – especially those with special first-time buyer programs. The Milford Bank offers a program that includes a reduced interest rate, application fee refund, pre-qualification certificates, and low down-payment options, which take the hassle out of buying your first home.
In addition to financing, you have many other things to think about when buying a home – especially for the first time. This includes location, school system, style, property size, and of course home features.
To help you consider what is most important to you, here’s a list of the most commonly desired features by home buyers today. Each of these features was listed by at least 80% of people as being either a must-have or desirable feature.
- Laundry room
- Exterior lighting
- Ceiling fan(s)
- Energy efficient windows
- Double kitchen sink
- Walk-in pantry
- Front porch
- Energy efficient appliances
- Hardwood floors
- Full bath on main level
- Energy efficient lighting
As you get start with the home buying process, make sure you’re buying a home that you’ll be happy with. It’s not a bad idea to think about the future and your ability to renovate or add on. You’ll have question, naturally, especially when it comes to the mortgage. Don’t hesitate to call on our mortgage specialists to answer them so you have an enjoyable experience.