Investing, as a general rule, can be scary- but there are few investments that hold as much importance as buying your first home. This is probably going to be the biggest purchase you’ve ever made- so you want to make the right one. After all, this is where you’ll end up spending the majority of your time.
If you are planning on buying your first home around Lexington or Lake Murray, SC, let the Lafayette Team with EXP Realty help. We specialize in first-time homebuyers and sellers. We can help you find the perfect first home.
The good news is that buying your first home has a lot of benefits that can be exciting.
6 Exciting Benefits
Below, we’re going to explore 6 of the most exciting benefits associated with buying your first home:
Homeownership saves money
While the numbers may show that you’re spending more, rent prices tend to fluctuate- even in a rent-controlled building. However, on a 20-year fixed-rate mortgage, you will know exactly what your payment will be every month until it’s paid off. In most areas, a mortgage payment will be lower than renting.
Plus, leases typically expire after a year, which means you may have to move at some point. In fact, most renters move every four years or less. Both of these issues can be solved by buying a home.
Investment will appreciate
According to financial experts, a new car loses approximately 10% of its value when you leave the lot and 15% of its value every year. However, a house sits on land, which almost always increases in value. Even if you never update your home, the land still holds value.
You can customize/upgrade as you wish
As the homeowner, you can make any customizations or upgrades as you wish. You may want to knock down a wall or finish the basement or attic. Plus, any upgrades that you do add value to the home.
The most popular upgrades are those that improve sustainability. You may be able to obtain special loan rates on green investments. In fact, your electric company may even compensate you for energy upgrades.
Homeownership allows you to build equity
As you pay your mortgage each month, your percentage of ownership in the home increases. This is known as equity and means that you can sell it at any time, leveraging that equity to get another loan.
Homeownership offers tax benefits
As a homeowner, you are eligible for a variety of tax benefits. For example, your mortgage loan interest can be listed as a deduction on your taxes. If you use a portion of your home for a home office, you may be able to write off a portion of the balance on your mortgage.
First-time homebuyers are in a better position than second-time homebuyers
When you are buying your first home, you’ll get a wide variety of benefits including:
- Lower interest rates
- Lower down payment
This allows you to do more of what you love instead of spending all of your money on a rent/lease payment.
The Lafayette Team Can Help You Find Your Dream Home
If you are buying your first home in or near Lexington or Lake Murray, let the Lafayette Team with EXP Realty help. First-time homebuyers are our specialty. We can guide you through the process from start to finish, making it as easy and painless as possible.