Now that you’ve settled into your career and have saved up a down payment, it’s probably time to start thinking about buying your first home. Sure, it’s a big commitment, but there are also many advantages to taking the leap.
It is an especially strong market for buyers, so you have even more reason to start home shopping! Let's take a look at the following reasons why now is a great time to buy your first home.
Last year, new mortgage regulations caused the housing market to experience some slow-downs. The market is finally starting to stabilize, but this means that there are plenty of homes available. If you’re looking for a home that’s move-in ready, you’re likely to be able to get a good price as builders are trying to sell off their remaining inventory.
Great Winter Deals
In addition to the deals you can find from the market conditions, winter is usually a good time to buy a home, especially if you’re looking to build a new home. Since sales of new homes tend to slow down during the winter months, you can often find good incentives. Things like free upgrades make it easier to afford the home that you really want.
Building Up Equity
If you’re renting a home, you might be starting to feel like you’re throwing your money away. Depending on where you live now and the type of home you choose to build, your new mortgage could be close to the amount you're paying for rent. The difference is that each monthly mortgage payment you make helps you build up equity. When you sell your home, you’ll be able to cash in on that equity. The sooner you start building up equity, though, the better, because early mortgage payments primarily go toward interest.
For instance, if you were to buy a starter home now and sell it for a larger family home in ten years, you’ll have built up some serious equity. If you wait five years, but still upgrade 10 years from now, you’ll have far less. A mortgage amortization calculator can help you see the difference.
Locking In Interest Rates
If you’ve been paying attention to the mortgage market, you may have noticed that interest rates have started to go up. Industry experts expect this trend to continue throughout 2019, so now is the time to lock in a low rate. If you wait another year -or even a few months - you may end up paying a lot more over the lifetime of your mortgage.
Quality Retains Value
Most people don’t stay in the first home they buy. Often, a person’s first home is a smaller townhome or condo unit, and they later want a bigger home for their growing family. While a new home is usually a good idea if you plan to stay in it a few years, anyone thinking that they’ll eventually sell their home needs to more carefully consider the quality of the home. In purchasing a brand-new home from StreetSide Developments, you won’t have any concerns about quality. Things simply won’t be breaking down the way that they would in a resale home. Some things may even still be under warranty when you decide to sell the home.
Getting a Premium Home
Another great reason to buy a home now is the opportunity to get a premium home. In a new community, the best lots or condos go quickly. If you wait, you’ll have fewer options, and you may have to settle for something that’s not quite as luxurious as the home you really wanted. The faster you act, the better your chances of getting the best.
Finally, you may just simply feel like you’re ready to buy your first home. Once you’ve gotten settled into your career, buying a home is a natural next step. You’ve learned to properly budget your money, and you’re ready to take on this new responsibility. It will feel good to settle into a new place where you have more control over the design.
If you wait to buy your first home, you may be missing out on some great opportunities. Come take a look at what we have to offer today. You may be surprised by how affordable a new home can be.