Being a homeowner is no doubt one of the hallmark achievements of being an adult, securing an asset for yourself and your family. In the current market, house prices keep increasing in value, adding that to the tax incentive and better tax advantages, being a homeowner should be on everyone’s New Year’s resolutions list for 2019.
For many looking to become first-time owners, the process can seem outright intimidating — from houses that seem way out of your price range to simple not know which forms to start with. Several means exist to aid you through the process, but one of the most basic requirement is to determine what homes you can afford.
You might be worried about having a low credit score (Less than 590), but this reason shouldn’t be what stops you from securing your family’s future. With a Federal Housing Administration (FHA) loan in Mesa you can qualify for a loan with just 3.5-10% down payment for a home.
Here are three ways being a homeowner can benefit you.
1. Stability for you and your family
Home is anywhere you have loved ones with you, but also where you feel the most stable and secure. Anybody who spent their childhood moving from one rented apartment to another would tell you, the lack of stability makes it harder to find stability.
Building friendships and being well-adjusted and familiar with good communities and school are all factors that contribute to a good childhood for your children and a happy and well-adjusted family.
Owning a home is one step in the right direction to ensure your family has a good growing environment that you can be in control of. The peace of mind that comes with not worrying about the safety and well-being of your family goes a long way, and you’ll be able to spend your time on things that truly matter.
2. Freedom to renovate
Have you ever wanted to have your floor completely redone? Or turn your hallway into a family mural worthy of Instagram? Or let your children go wild with their room decorations?
Many times, in rental agreements, you give up many opportunities to make your living spaces more comfortable for you and your family. It could be something as simple as want to put a nail in the wall, or as big as wanting to remove the wall completely.
The freedom of knowing you have control to change anything to improve better your home experience is refreshing. As an added benefit, home improvements will only further increase the value of your home!
3. Asset, not a liability
You’ve heard it said many times, a home can become your greatest asset. With the financial incentives of been eligible for greater loans and also the mortgage value that your home has.
Owning a home will always be an investment that appreciates over time. Since the home stays in the family and the resale value will only keep increasing, you can secure wealth for your family for many generations to come.
So what are you waiting for? Now is the time to start exploring what option you have for being a potential homeowner. The process might be long and tedious, but when it comes to making sure your family is secure and stable, nothing is too difficult.