The decision to buy your home is not always the easiest one to make. How do you know if you are ready? Is it cost effective to own your own home? Whatever has you dragging your feet at buying a home, here are some things to consider:
First of all, with the interest rates rising, now is the best time to buy. Picture this, if you buy a home today that costs $250,000 at a 4.41% interest rate, your mortgage payment would be $1,253.38. However, if you decide to wait another year before buying a home, with the interest and mortgage rates rising, the same home costs $270,000 at a 5.7%, your monthly payment for the same house will be $1,567.08 – that is a $313.70 difference! Now look at the bigger picture, if you stay in the home for 30 years, if you bought the home at the lower interest rate you will have saved $112,932…just think what you could do with that extra chunk of change.
Buying a home also gives you the luxury of making the place your own. Unlike with an apartment, you have the freedom to decorate however you want, remodel, and alter the landscaping. Plus, there is the incentive of actually owning your own property which, if or when you sell, will bring you a nice return on your investment.
What are some of your fears or hesitations about owning your home? Give us a call today and let us answer your questions. We are here to help you find the right home for you.