First time home buyers are usually amazed at the difference in their lives once they become homeowners. While it may seem a little scary at first to be making the biggest purchase of your life, the benefits quickly outweigh any hesitancy.

When I initially talk to first time buyers, they often focus on their desire to stop renting. The last few years rental costs have skyrocketed and that inability to control housing costs has driven a strong demand for home ownership among those who may not have considered it in the past.

Read: Amarillo's Soaring Rental Pricing

With a fixed rate mortgage, your costs for that mortgage remain stable over the life of that loan (usually 30 years). Not only is that a huge financial benefit, but the house also continues to become more valuable, meaning you gain positive equity over time. Just by buying a home, you gain wealth every year as the price of that home escalates. Meanwhile, you are still paying the same mortgage amount, not just this year but for many years down the road.  

Home ownership also offers tax advantages that renters don’t receive. There are deductions for mortgage interest, property taxes and even some closing costs. These help you reduce the tax you owe and add to your overall financial health.

Another big benefit of home ownership for first time buyers is the ability to change anything you want in the home. It is frustrating as a renter when you aren’t allowed to hang a picture where you want or even change the wall color. As a new homeowner, those restrictions are gone and you can look forward to making your house the home you always dreamed about. It doesn’t matter if it’s renovating the kitchen or simply planting a tree in the yard, as a homeowner you get to make all the decisions.

Not only does home ownership help you build a positive financial future, you also get to build a life that feels much more permanent and happy. You can be assured your children can stay in the same schools while you enjoy your neighbors and community for the long term in a way that just doesn’t happen as easily when you rent.

ReD: 3 Ways Home Ownership Builds Wealth

Historically, real estate has always been a great investment and since you will easily pay the same, or more, in rent why not build something that will add to your life in so many ways? You can call or make an appointment with me to learn all the ways home ownership can be your first step into a new life.

Contact Frances Frost at 806.622.2298

Frances Frost

Rev Realty Group of

Fathom Realty LLC

License #0679680

www.revrealty.net

For some first-time home buyers, using a tax return to get into that new home can be a smart financial move. Not only can a tax refund cover some of those up-front costs, but it can also kick start you into a new life as a homeowner rather than a renter.

Reviewing your tax return each year offers the perfect time to take stock of your overall financial situation. Assessing your finances, along with calculating your expected return can provide honest insight into your ability to own a home and your potential purchasing power.

 Read: 10 Ways to Use a Tax Refund for Home Ownership

While many people still believe that you need a big down payment to buy a home, that is a myth in today’s market. There are many first-time home buyer programs that can provide assistance with a down payment or mortgage, and other costs such as closing costs or repairs can be negotiated in favor of the first-time buyer. I have helped many first-time home buyers close on a home with very little money upfront and usually way less than they anticipated.

I work hard to connect my first-time buyers with a lender to get preapproved and having that extra cash in the bank from a tax refund makes you all the more attractive to a lender. I recently helped a single mother get into her first home suing some of these ideas.   

Bethany had no idea she could really be a homeowner but was tired of paying rent that just seemed to go up every year. She called me to ask about the possibilities and said she was expecting a healthy tax refund that she wanted to put toward home ownership if possible. I was able to connect her with the right lender who offered several programs for first time homeowners. Bethany got preapproved and when she found a house that her and her son both loved, we started to negotiate. We negotiated closing costs and several home repairs, and the sellers even paid for her home warranty. Not only was Bethany able to buy a home of her own, she still had some of her tax return left to help them move and get new some new furniture.

There are many more options that most people can even imagine these days for first time homeowners, and I can help you to not only understand those options, but also prepare your finances to be more attractive to a lender.

 Read: 2% of Americans Plan to Use Tax Refund to Buy a Home

The home buying process starts with separating myth from reality, and it is essential that you have an experienced realtor that can walk you through the process. There are no dumb questions and I’m available to visit with you about all the options you may have to get into a home of your own.Call me now to discuss your options. 806.622.2298

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