The Real Reason You Should Buy A Home

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All of the stress and unknowns of buying a home can leave you wondering if it’s even worth it. Here’s why purchasing a home is one of the best decisions you can make for your long-term financial security:

  • Homeowners have 40 times greater net worth than renters according to a Harvard University study.
  • Rental prices have increased an average of 3.5% per year over the past 30 years.
  • Home values usually increase at the rate of inflation every year.
  • Mortgage loans are still available at historically low rates.

You don’t have to put off buying your dream home. Most first-time buyers put down 5% or less of a down payment. Home prices will be going up, so now is the time to see if you are homebuyer ready!

Ready to get started? Colonial Mortgage Capital’s Buy and Borrow Smart Plan provides step-by-step guidance so that owning the home of your dreams can be an affordable reality.

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Discover 7 Mistakes To Avoid When Buying A Home
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7 Things Every First-Time Homebuyer Should Know

1. You can’t check off all your boxes, but you can check off the most important ones.

When you are searching for a home within your budget, chances are you won’t be able to find that perfect home with everything on your wishlist. You can, however, own an affordable property that grows with you and checks off your most important requirements.


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2. You shouldn't commit until you are ready.

It’s all too easy to jump into buying a home when you aren’t financially ready for the payments or mentally prepared for the responsibility. Make sure you’re truly prepared to take the leap into homeownership before you start touring homes with your realtor.

 


3. You don't need to make a 20% down payment.

Although putting down a more substantial down payment will reduce the amount you have to borrow, it isn’t always the best option, particularly for first-time homebuyers. By the time you save up enough for the 20% down payment, home prices will rise, and you’ll no longer be able to afford the property. There are several low and no down payment options available to help you afford to buy a home soon than you think.


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4. Realtors can be your best friend.

Finding an affordable long-term home can be incredibly overwhelming, especially if you have to make all the decisions by yourself. A realtor will guide you through the process, find properties within your budget, and help you avoid making costly mistakes. A good realtor knows your market and can provide you with insights that you can’t find online.


5. Don't be afraid to negotiate after the inspection.

Once you have negotiated the terms of the purchase of your new home, it’s wise to hire a home inspector to ensure the home is in good condition. If there are significant issues with the home, you can negotiate to have the seller either make the needed repairs or provide you with a closing cost credit so that you will have money to make the repairs when you move in. 


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6. Read the HOA documents before you close.

If your new home is in a community with an HOA or condo association, the seller is required to provide you with the association’s financial documents and requirements and restrictions for the neighborhood. You will have 72 hours to review these documents to confirm that the requirements and financial condition is acceptable to you. If not, you can get out of the contract and keep your earnest money deposit. If you have any concerns, consider talking to current residents to see how they feel about the neighborhood.


7. Get more tips from our home buying guide.

Before you start visiting open houses, download our free guide, 7 Mistakes To Avoid When Buying Your Dream Home. In this guide, you’ll learn the top mistakes homebuyers make as they go through the home buying and mortgage process, as well as simple steps to avoid making them yourself.

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