There are many benefits to home ownership. Buying your first home will make you a part of the Bucks County community you move into and you will experience the security and satisfaction of owning the roof over your head.
Some of the other advantages of homeownership include:
· Building equity – you will be growing your assets as the value of your property increases
· Huge tax benefits – you can deduct mortgage interest and property tax
· You will be building your credit
Owning your own home is a big commitment and you need to take into account credit, cash flow and your savings.
That being said, right now is a great time for first time homebuyers to take advantage of record low interest rates and home prices.
Here are a few tips/suggestions for first time homebuyers:
· Meet with a licensed mortgage broker (or three). They will help you know what you can afford and what down payment and plans will work for you.
· Find a knowledgeable agent. As a REALTOR®, I have earned many prestigious production awards. I have worked with people from all over the world. I have assisted many Fortune 500 companies with their relocation efforts. I have helped families buy and see real estate at all different price levels. Having lived in the area for over 20 years, I have a great deal of knowledge about the area, and am able to share that knowledge with buyers and sellers.
· Take a class on home ownership so you can fully understand the financial commitment you are taking on. You’ll need to understand insurance, taxes, budgeting, utilities, home warranties, credit scores and potential government programs available for first time home buyers
· Ask lots of questions – of your agent, your mortgage broker, and home inspector. These are the professionals that you have hired to guide you successfully through this process.
In Bucks County, there are multiple resources for first time homebuyers, including:
· The Home Program
· Bucks County Housing Trust Fund
· Housing Rehabilitation Program
· Brownfields for Housing Program
Give me a call (215-519-1399) or drop me an email and I will help educate you on the assistance that is available to first time homebuyers, and help you with your search for the perfect home.
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