"I can't buy this house! It's too expensive!"
Wrong! Just take a breather, step back and really give it some serious thought.
Buying a home is not as difficult as people might think. There are plenty of resources available to help you make the smartest financial decision of your life, and if you are able to follow some simple steps, you can be in the home of your dreams within no time at all. In fact, owning a home can actually be very profitable for many people.
Here are just a few reasons why buying a home is such a good idea:
- The equity in your home grows over time- every month when you make a mortgage payment, the amount that you owe on the home goes down and the value typically increases. This “owe less, worth more” situation is called equity build-up and is the reason why homeowners are usually able to retire comfortably even if they have little money saved up initially.
Tax breaks favor homeownership – real estate values have always risen steadily, so by investing in a home rather than renting or leasing it, you can often enjoy significant tax breaks (especially if you reside in an Estate Planning state).
- Buying property is a complex and stressful task. This is especially true if you are buying your first home or are investing in real estate for the first time. With so much on the line, it's important to work with someone who has a keen understanding of the real estate business and the local market. A buyer’s agent can help you find the best property, the best lender, and the best home inspector in your area.
"Homebuying? Psh, that's easy, I'll do it myself."
Uhm, no you won't! You may think that as long as you've found something within your budget, you're squared away. The complications of buying a home doesn't need to be burdened by you alone, allow an agent to assist you.
A buyer’s agent has a fiduciary duty to you, meaning that they are loyal only to you and are obligated to look out for your best interests. A buyer’s agent can guide you through all of these important steps and make sure that everything goes as smoothly as possible during your real estate transaction. They can also help connect you with other professionals who can help make your purchase go easier – like an InterNACHI-certified home inspector. Working with an experienced buyer’s agent is essential for anyone looking to buy their first home or invest in real estate for the long term.
"This home cost so much, I'll get a quick and cheap inspection... nothing to worry about."
What! you've gotta be kidding... you know a top-tier inspection company is gonna make sure all of your problems are recognized. Why take the chance?
Buying a home is an incredibly expensive purchase, and it's not the time to skimp on your home inspection. The cost of a home inspection is small relative to the value of the home being inspected, but hiring a certified inspector is always a good idea. Plus, certified inspectors usually do more rigorous inspections than non-certified inspectors, and they typically charge a bit more for their services. Don't stop now - don't let anyone talk you into cutting corners when it comes to buying your first home!