First Time Homebuyer Handbook, Part I

Real Estate Agent with | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

Own Your Own HomeWhy rent when you CAN buy? Why pay someone else's mortgage for them?  Whenyou're a renter, you're doing just that--making your landlord a nicelittle nest egg for his or her retirement!  

Much ado is being made in the news today that the banks aren't lendingmoney and that no one is able to secure a mortgage.  Well, letme tell you--Not ONE of my clients turned down for a mortgage duringthis last year!  Banks ARE lending money and chances are youcan own your own home for the same amount that you're paying in rent. With interest rates at a historical low right now, it's agreat time to secure that mortgage and purchase your OWN home!

Thisis the first in a series of articles to get you started on your way totaking pride in homeownership.  

5 Reasonsto Own Your Own Home

1. Taxbreaks:  The U.S. government allows you deduct the interestwhichyou pay on your mortgage, your property taxes, aswell as some of the costs involved in purchasing your home. Thisbenefit continues each year of homeownership.  As well,currentlythere is a $7,500. federal tax credit which will be applied to thepurchase of your home.  Inquire with your Realtor® orLender. 

2.Appreciation:   Despite the current economy, realestate haslong-term, stable growth in value in general.  Whileyear-to-year fluctuations are normal,median existing-home sale prices generally increase and have increased 88.5 percent over the last 10 years,according to the NATIONAL ASSOCIATION OF REALTORS®. The number of U.S. householdsis expected to rise 15 percent over the next decade, especially withthe purchase of a home at today's low prices.  Yet anotherbenefit in the building of equity in yourhome, is the ready-made savings plan;  when you sell, you areallowed take upto $250,000 ($500,000 for a married couple) as gain without owing anyfederalincome tax.  Consult your CPA regarding any tax questions youmay have.

Own Your Own Home3. Equity:  Money paid for rent ismoney that you’ll never see again, money used to pay yourlandlord's mortgage!   Conversely, mortgage payments allow youbuild equityownership interest in your own home.

4.Predictability:  Unlike rent, yourfixed-mortgage payments don’t rise over the years so yourhousing costs mayactually decline as you own the home longer. However, keep in mind thatproperty taxes and insurance costs will increase.   Also,remaining in oneneighborhood for several years gives you a chance to participate incommunityactivities, lets you and your family establish lasting friendships, andoffersyour children the benefit of educational continuity.

5.Freedom:  The home is yours!   You maydecorate any way you want, have pets, build a storage building on yourproperty (with permission from your HOA), landscape to your heart'scontent and benefit from your investment for as long asyou own the home. 


Calculatewhether buying IS the best financial option foryou by utilizing this “Buy vs. Rent” calculator.

Calculate it!

Should you be ready to buybefore the series is complete, please don't hesitate to phone or emailme for the remainder of the information to get you well on your way tohomeownership!  

Don'tknow what your credit score is?  Read this.

Debe in Charlotte

Aboutthe author:

Quality Service CertifiedDebeMaxwell is a CharlotteResidential Real EstateBroker, Certified Neighborhood & Relocation Specialist, ABR&e-PRO who can assist you with the purchase and/or sale of real estatein the Charlotte NCMetro Area. If you're relocating to or from any other area of thecountry,Debe connects you with any member of her team of relocationprofessionals in your destination or exit city of choice.  Thedestination service is of no cost to you!  TheMaxwell House Group'squality service guarantee puts this team far ahead of the competition;providing unsurpassed customer service is their #1 priority! DebeMaxwell -- The Maxwell House Group -- 704.491.3310
Copyright©2009 By Debe Maxwell, All Rights Reserved...**First Time HomebuyerHandbook, Part I**

Disclaimer:  Allinformationprovided by this author is strictly an opinion, is not guaranteed, maybe based on information collected from several sources, which may ormay not be deemed reliable at the time of researching this article andmay be time sensitive.


Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Lori Cofer 01/16/2009 02:37 PM
  2. South Austin Real Estate Blog 02/20/2009 10:23 AM
  3. San Antonio Texas New Homes for Sale 03/22/2012 12:37 PM
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Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Gary!  Absolutely!  Now is the best time in the world for first time homebuyers and paying rent, unless you absolutely have to, is not the best option right now!

Debe in Charlotte

Jan 16, 2009 12:01 PM #2
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Not only is it smarter to own than to rent, but buying a home right now is the patriotic thing to do!

Jan 16, 2009 12:59 PM #3
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M


All good reasons why a renter should be looking to buy especially in a time when prices are down, interest rates are extemely low and the federal government is handing out tax "credits."

Jan 16, 2009 03:28 PM #4
Randall Sandin
Carolina One Real Estate - Charleston, SC
843-209-9667 - Search for Charleston SC Real Estate

great information - I think a lot of it is fear in today's market - some people are scared to make the leap which probably shows they would be good homeowners

Jan 16, 2009 09:10 PM #5
Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

Debe - this is an excellent article for first time home buyers. Interest rates are very low and prices are down, and selection is up due to the inventory.

Jan 17, 2009 02:46 AM #6
Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Debe, it will be the first time home buyer that will lead the way to reviving the purchase market. I am looking forward to your series.


Jan 17, 2009 08:16 AM #7
Jeannie Kontis
Lancaster, PA

Debe, seems like a very informative series!  I've featured this in the group: Buyer Information - What Buyers Need to Know in Today's Market to be sure that I don't miss any of the upcoming posts.  Thanks for including it in the group.

Jan 18, 2009 11:01 PM #8
Tanya Venable
Orlando, FL
SEO, Mobile SEO, and Internet Marketing Consultant

Debe, great blog! This great info for people who are wondering or tittering on buying.

Jan 20, 2009 04:05 AM #9
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY

Love this first time home buyer blog. I think it is very useful for young couple or singles to understand the concept of owning rather than renting.

Jan 22, 2009 12:08 PM #10
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Debe, Good information for buyers and renters. Nice post.Good luck.

Feb 08, 2009 10:15 PM #11
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi All!  Thank you so much for your comments--I apologize for just now getting back to you but, I DID read them all and just have not had much time to respond (which is a GOOD thing I suppose)!

Have a wonderful week and happy selling with those first-timers!

Debe in Charlotte

Feb 09, 2009 03:38 AM #12
Raj Khurana
RE/MAX R.E. (Mountain View) - Calgary, AB
Realtor - Link to Calgary Homes

And let's add the peace of mind that no one is going to come and say that you have to vacate the house in so many days.

Feb 22, 2009 10:05 AM #13
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Raj:  You are SO right--that seems to be happening all over the place--I JUST got a call regarding one of my properties that a family had moved into a home in January--signed an 18-month lease and are already being booted out by the bank--they knew NOTHING about a pending foreclosure.  This is a family of 6 who had to leave their home in a difficult, jobless situation in another state and came here because of the better economy, only to have this happen to them--very sad.

Thanks for stopping by!

Debe in Charlotte

Feb 22, 2009 02:49 PM #14
Dee'Anna Wright
RE/MAX All Points - Roanoke, VA

Thank you for sharing this. We need to do a better job educating the public.

Jul 21, 2009 03:30 AM #15
Pat Yoest
Century 21 Aadvantage Gold, 702-719-2100 - Las Vegas, NV

There never has been a better time price wise.  If a buyer has a stable job and good credit now is the time. 

Nov 30, 2010 07:34 AM #16
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

I think if you Can purchase, you should, unless you know you'll need to move in the near future.

Jan 28, 2011 12:45 PM #17
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Debe Maxwell All very good reasons to buy vs rent.  Additionally, in our area where rents are so high, the odds are your mortgage will be less than your rent.

Jan 30, 2016 07:11 AM #18
Brian DeYoung
Howard Hanna Real Estate Services - Ithaca, NY
Brian DeYoung

As an agent, I am certainly not a first time buyer, but read your blog to learn more about North Carolina, and I certainly appreciate your wisdom.

Thank you for taking the time to write and eduacate us.

Jan 28, 2017 07:28 AM #19
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you, Elyse Berman - boy this is a blast from the past post!  LOL  

Have a great weekend!

Jan 28, 2017 07:45 AM #20
Debe Maxwell, CRS | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you...and you're welcome, Brian DeYoung - enjoy your weekend!

Jan 28, 2017 07:45 AM #21
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Charlotte Homes for Sale - Charlotte Neighborhoods
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