First Time Home Buying
This guide is designed to help you learn how to get the most out of your first time home buying opportunity. As a member of Indiana’s largest real estate company, we have helped thousands of first time home buyers find the perfect fit for them. F.C. Tucker Company, Inc. is Indiana’s largest real estate company and no one in the Midwest has more experience than we do.
With a little bit of information, this guide can help alleviate some of your concerns with your first home purchase. There’s a lot of information here and feel free to come back as often as you like.
When you own your home, you can benefit from increased stability and security to investment and tax advantages. Most homeowners also find satisfaction and a sense of pride in owning their own home.
According to a recent survey by the National Association of Realtors, almost 70 percent of homeowners and renters stated avoiding rent is an important reason to purchase a home. Since renting offers no equity, no tax benefit, and no protection from regular rent increases, it’s like watching your hard-earned money float away. For example, if you are paying $650 a month for rent and you have a yearly increase of 5 percent, you will be spending $7,800 on your first year of rent and in five years you will be spending almost $44,000 in rent!
Buying a home you can afford is generally a wise financial choice. Here are some of the benefits of owning your own home.
- Unlike renting, owning a home offers the advantages of increasing equity on your investment.
- Homeownership also carries significant tax benefits since property taxes and the interest paid on a mortgage are tax deductible.
- Compared to other alternatives, a home is a relatively stable investment. The value of a home tends to steadily increase in value while other investments can be extremely volatile.
- Finally, once you own a home and have built up some equity, it is easier to move a larger home, but you have to start somewhere. Buying a home is a good investment in your future.
By Jeremy Tritch, talktotucker.com/jeremy.tritch