So you're getting older and your parents are about ready to kick you out of the house. Should you rent or buy a home? Well both are great options but there are a few reasons why buying a home might be the right direction for you to take!
Why buying a home is actually going to benefit you!
So we've all heard from our elders that buying a home is important for the younger generation. But what exactly do we get out of it?
- Well first off you get to build your own equity! What this means is over time you will actually have more self worth by owning a home versus not gaining any equity from renting out a small apartment. If you could imagine over the next 5 years how much you would gain by owning a home and how much you lose when you rent apartments it would be a no brainer!
- There's also a sense of self pride from owning a home. Very few things in life make you feel as happy as owning a home. You get your own privacy and freedom when you want it, and can show off the new home to all your friends and family.
- It can actually even help you out financially. Not only do you actually gain more in the long run but you can actually get tons of different options to help you out down the road financially. One example is the ability to shift your debts to your home equity plan where you pay significantly less in the interest rates.
So we know that you can benefit from buying a home but how do you know which home to choose?
Tips on how you can pick the right home for you
- There are tons of different style homes from condos to bungalows to traditional family homes. Each house has different advantages and disadvantages. The town homes are known for more the minimalistic footprint and multiple floors. While the bungalows are the opposite with one floor and a broader footprint. Neither house is better, and it all depends on the individuals lifestyle and preferences.
- So now that you have decided you want to purchase a home you need to figure out which features are most important to you. The best way to start figuring out what home you need is to actually come up with a list that outlines what you want the most in your house and what you can live without. This will help you with deciding which features you need in your home and which features you can live without
- LOCATION LOCATION LOCATION! A huge part of buying a home is to find out the type of personality you want in your neighboorhood. The type of neighboorhood and city can make or break your house.
The best way to find the perfect location for you is to tie in the neighboorhood to your lifestyle. If you are more outgoing and love to go out on the weekends to clubs and bars you would want to look into living more into the downtown city, or to contrast that if you prefer quick weekends and scenery you might want to live farther up north. All that matters in the end is that you enjoy the neighboors and scenery that you live with!
FOR MORE INFORMATION ABOUT PURCHASING YOUR FIRST HOME, INCLUDING FINANCING OPTIONS, HOME INSPECTIONS AND MORE CONTACT ME TODAY!