While the financial benefit of owning your own home is one to plan and strive for when looking at it from a financial standpoint, just think for a moment about the emotional aspect of homeownership … that value is priceless! Whether you are a first-time homebuyer, move-up buyer, or you are a buyer looking to downsize, or perhaps you are thinking about your up-coming retirement. All these scenarios are “new chapters” in life, and all should be celebrated!
Home can mean something different for each one of us, but the emotional aspect is relative to all. Think about it … you have been living home with Mom & Dad, trying to save enough money to purchase your very own home, or perhaps you’re a newly married couple living in an apartment, saving what money you can to purchase your very first home together, or maybe your company just offered you the option to work remote, which is great and still popular these days – but your current home lacks the space needed to work efficiently, or perhaps you are an investor looking to purchase a few properties as an investment for the future – which comes with its own set of emotions – which is another topic for another day. Whatever the case may be, “Home” will mean something different for each of us … whether a first-time homebuyer, move-up buyer, or a buyer looking to downsize for whatever your reasons … finding that home that will allow you to live your comfortable lifestyle that will work for you and your family … and then calling that house “Your Home,” is priceless!! Even as an investor, if you are of that certain mindset, and have the capacity to do so – building wealth through real estate is said by many to be the way to go these days … and one still to be celebrated.
First time home buyer – Buying a home is a major milestone in one’s life. One to be proud of and one to be celebrated. Set your goals, then educate yourself on how to attain them. Speak to the key people you need to, so they can assist in making that goal your reality.
Move-up buyer – Your family is growing, and space is getting a little tight. You’ve been saving all you can in preparation for that day when you can purchase that bigger home, giving everyone that additional space desired to enjoy a happier more comfortable family lifestyle. Perhaps you are coming from a condo – and now your goal is to purchase a single-family home where the outdoor space is welcomed. For these reasons, you may be asking yourself, is now the right time to purchase a home with all the goings-on in the world today? My answer … there is no right or wrong time, it is when the time is right for you. My advice for you would be speak to a real estate professional to discuss your individual wants and needs. Then have a market analysis done to determine what your home’s true market value is in today’s market. Having this information will be helpful in making the decisions that will best work for you. Depending on when you purchased the home, you may be pleasantly surprised on the amount of equity you hold in your current home. The equity gained could allow you to purchase that bigger home while keeping within your current budget, all while gaining a more comfortable lifestyle.
Down-sizing buyer – Whether it just makes sense to live in a smaller home … perhaps the kids are grown and flew the coop or, retirement is just around the corner. This is a chapter many make their plans around and look forward to them as that day finally arrives. You have worked long and hard through the years, and this chapter is one to be celebrated. But is now the time to make that move, you ask? As I had suggested earlier as being a move-up buyer for example, same advice would hold true for a buyer who is looking to down-size. Knowing the value of your home in today’s market will be a key factor in making your plans. If you owned your home for a long time, you may be pleasantly surprised of what equity you hold in your home that may just allow you to purchase a smaller home outright if the equity is there. Speak to a real estate professional to help determine what your true market value is in today’s market, which will help give you some perspective when making these decisions.
Having said all that, purchasing a home may very well just be one of the biggest financial decisions you will make in life – it is also one of the most emotional decisions you will make in life as well. It is the goal for so many, to one day find that special place that truly makes us feel like “There is no place like home” … because that is where it all begins! A place to call HOME allows us to live and grow … to create lasting memories with those we love … all to be cherished for years to come.
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