The perks of being a first-time home buyer may not be as apparent as you think! Although you’ll deal with all the stress and anxiety of buying your first home, there are many benefits that come along with it too! Here are 10 perks of being a first-time home buyer you might not know about, but will make your life so much easier once you do.
1) No More Renting
Buying your first home is one of the best decisions you will ever make in life. It helps first-time home buyers to get into a more stable financial situation. No more paying rent! Plus, there are so many other great perks that come with homeownership that you might not have considered before.
2) Building Equity
Buying a home is one of the biggest investments you'll make in your lifetime, but it also offers some great perks for first-time home buyers. One perk is building equity. When you purchase your first home and make payments on that mortgage, you are building equity in your property. The more payments you make, the more equity you build up. Equity can be used to start or grow another business or it can help with retirement funds.
3) Tax Deductions
It is important to be aware of tax deductions that can help first-time home buyers. The following are some tax deductions that first-time home buyers should know about. First-time home buyers may be able to deduct the down payment on their mortgage for up to $750,000 in loans. First-time home buyers can also deduct any points they paid on the loan when they purchased their house as well as any interest made on the loan.
4) More Space
Buying a home is an exciting, yet stressful time. The process can seem daunting to first-time home buyers, but it doesn’t have to be.
Here are 10 perks that first-time home buyers may not know about:
- First-time homebuyers can take out loans in their name only with the right down payment and credit score
- First-time home buyers do not need to have any prior residential rental experience
- First-time home buyers can use first-time home buyer grants
- First-time home buyers have more space than those living in apartments or condos
- First-time home buyers can save money by taking care of things themselves
- First-time home buyers will find lower property taxes
- First-time homeownership also provides tax benefits
- First-time home buyers enjoy a better mortgage interest rate
- First-time home buyers can buy investment properties
- It's easier for first-time home buyers to get help from family and friends
5) Privacy
- A first-time home buyer may be eligible for the First Time Homebuyers Tax Credit
- A first-time home buyer can deduct interest on their home loan.
- The mortgage interest deduction is available to help with the cost of your monthly mortgage payment.
- One of the advantages that come with being a first-time homeowner is the ability to make additional payments towards your mortgage, which reduces how much interest you pay over the lifetime of your loan.
- First-time homeowners also have access to programs like HARP, HAMP and HAFA in order to get lower rates or modify the terms of their mortgages.
- In many cases, first-time home buyers are allowed an extended period before they need to start paying PMI (Private Mortgage Insurance).
- First-time home buyers typically do not face as stringent qualification requirements for financing as those who already own homes.
- Many first-time home buyers will also qualify for tax deductions because they may be able to write off points and/or fees incurred from closing costs associated with purchasing their new home.
- The availability of first-time home buyer programs helps first-time home buyers navigate their way through the buying process.
- There are benefits to owning a home, such as building equity and stability while earning tax benefits.
6) Freedom to Renovate
There are many perks to being a first-time home buyer. One perk is the freedom to renovate your home exactly how you want it. You can make changes to the layout, add or remove rooms, and choose any type of flooring or paint that you like! If you have an idea in mind for your dream home, now is the time to make it happen!
7) A Yard
Buying your first home is an exciting and rewarding experience. The process can be overwhelming at times, but it's important to know that you're not alone. As a first-time home buyer, you'll want to be prepared for the process and make the most of your experience. Luckily, there are many perks to buying the first home that might not have occurred to you before.
Here are 10 perks of being a first-time home buyer that you didn't know about:
- A mortgage payment is a fixed rate for 30 years
- It builds equity over time
- Helps build savings
- It helps the community
- Provides stability
- Gives people space
- Flexibility
- A sense of security
- Children will enjoy it too
- Save money in taxes
8) Parking
One perk to being a first-time home buyer is that, when you're in the market for your first home, you can use a down payment as low as 3.5% on the purchase price. This helps first-time home buyers since they may not have money saved up for the larger down payment required by some lenders. Plus, if your credit score is 620 or higher, you won't need to have any money saved up at all!
9) Good for the Economy
Buying your first home is one of the best investments you can make! Not only does it help stabilize your finances, but it also helps stimulate the economy. A first-time home buyer will typically spend between $100,000-$200,000 on buying and furnishing their new house. This means that they'll need to spend money on things like furniture and appliances. By doing so, they are helping to keep these companies in the business.
10) A Sense of Belonging
First-time home buyers are often looking for more than just shelter. They want a sense of belonging, which is why settling down in the community where you work and socialize is important. Buying your first house also means being able to establish roots in your neighbourhood and knowing that it's one less thing you'll have to worry about if there's an emergency.