Are you ready to make the leap from full time renter to full time home owner? Now is as good of a time as any and I would love to help you reach those goals in 2023!
Mortgage vs Rental Rates
The current mortgage rates can feel a little daunting. I am sure you have heard now over and over again on every social media platform “mortgage interest is 6% but rent interest is 100%” and while that’s true, it’s still hard to justify the payment when just over a year ago you could have saved hundreds. That’s the whole point right there though, It’s always a good time to buy real estate. Even if you buy at 6% now (within your budget) and the interest rates drops down again, you can always refinance. You will then be in an even better position than you previously were.
The average home in the state of Utah doubles in price in 10 years. Let’s put that into perspective. If you are currently paying a rental amount of $2000 in 10 years your rent will be $4000. If you buy a home now and have a mortgage payment of $2000 in 10 years you will still have a mortgage payment of $2000 and will have the added bonus of equity in your home.
Maybe you don’t feel like you are in a position to buy though. With down payments and credit requirements it can feel overwhelming, but I have some great lenders I can connect you with that will help you make that process manageable and just in case you still think you need 20% down….that’s not usually the case.
Making Memories
Your home is your most important purchase. It is a source of pride for many people and a place to make memories with their family. Whether it be a first time home that you will later upgrade or you lifelong dream home the memories made have a way of staying within those four walls. I can’t count the number of times that we have driven by our first home and shared in the memories and joy that we felt there.
Make Home Your Own
You can also make it your own. As a renter it is hard to make changes to the home in order to better suit your lifestyle. If you own the home, you can paint, decorate, and truly make it fit uniquely who you are. You are now responsible for all of the updating, mechanical repairs, and utilities which can feel a little scary but you can also make sure that you fix things quickly so you don’t have a long term issue which you may have had to deal with in a rental. Either way, ownership is power and you will feel it when you walk in the door for the first time!
Keys to Succeed
There are some key things that I like to share with my clients when they are looking to purchase.
1-Stay within your budget. Nobody wants to be house poor so meet with a lender before you start looking for houses.
2-Location is usually more important than the house. The neighborhood you live in makes a huge difference. Chose the location you want and slowly build the house the way you want it to be.
3-Hold onto it. The best way to build wealth is in owning real estate for the long term. Hold on to it as long as possible and continue to build wealth and equity. Before upgrading your home, talk to your financial planner about the option instead to keep it and rent it and if that is an option for you.
I would love to answer any questions you have about home ownership and connect you with great lenders who can help you navigate the process. Reach out anytime!
Call MeriAnn Boxall at (435) 491-0313 to look for your future home! Click “here” to search properties and “here” to estimate your home value.
0 Comments