Buying a new home is a lengthy process and can be intimidating if you’ve never bought one before. But it is an exciting time in many homebuyers’ lives, and it comes with many benefits that make it worth the investment. However, it is natural for you to feel a little nervous as you prepare to make this large investment.
While we know you may feel intimidated, your real estate team should do all they can to make you feel more comfortable through the buying process. Our team at Premier Utah Real Estate wants new homebuyers to feel confident in their decision to purchase and has compiled a list of several benefits you can expect.
1. Payments From Year To Year Stay More Consistent
Anyone who has ever rented knows how frustrating it can be to get a renewal agreement that includes an increase in your rent, and the increase in rent payment keeps growing exponentially. If you are growing tired of the constant change in rent payments from year to year, buying a home can give the reliability of consistent home payments every month.
There are a few factors that may cause fluctuations in your monthly payments, including increases in property taxes or increasing interest rates if you have an adjustable-rate mortgage; however, it will generally stay, and you can enjoy more stability than renting can provide you.
2. You Can Customize Your Space
While there are many damage-free ways to customize a rental space, buying a new home comes with the benefit of more permanent customization. If you make changes to a rented home or apartment, you are expected to change them back prior to moving out or expect to pay a repair fee.
When you own a home, however, there isn’t much that can stop you from painting a wall, changing flooring, or opening up floorplans. Buying a home allows you to make changes without having to seek approval from a landlord or require you to make repairs or changes before you move out. If you are tired of strict landlords and space that doesn’t feel like your own, buying a new home is a great way to prevent that.
3. It’s A Great Long-Term Investment
While you won’t see this investment until you have paid off your mortgage, most commonly 30 years long, a significant benefit of buying a new home is that you will be mortgage payment free one day. When renting, you can often feel as though you are putting money towards something with little to no return available to you.
However, when buying a new home, every payment you make goes towards the loan’s principal. As you get further into your loan term and the amount owed decreases, more of your monthly payment goes toward the principal, and soon you’ll only have to pay for utilities and property taxes. Buying a new home is a great long-term investment that you will see the benefit from almost immediately.
4. Buying A New Home Helps You Build Credit
If you are trying to build your credit, it can often feel like a slow uphill battle. No matter what you do, the number moves slowly. However, buying a home is a great way to build credit. You’ll make monthly payments, much like when renting. However, all on-time payments will have a positive impact on your credit.
Whether you plan to stay in your house for a few years or the rest of your life, having a high credit score is always beneficial. If you choose to move, a higher credit score may allow you to get an even lower interest rate. High credit scores can also help you get lower interest rates on car loans or new credit cards. No matter what you’re using your credit for, buying a new home can help you move the needle upward.
Buying A New Home With Premier Utah Real Estate
Buying a new home should be an exciting time in your life, full of great change and growth. But working with the wrong real estate team can certainly put a damper on the experience, casting a gray cloud over it all. If you are preparing to buy a new home, you should look for a real estate team that is as excited about the home-buying process as you are.
At Premier Utah Real Estate, we are confident that we are the right team for the job. With years of experience and many happy customers in new homes every year, we are certain we can help you find your dream home. If you are buying a new home and are looking for a great real estate team, reach out to us today.