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. 

If you’re a first-time home builder, the process of building a home might seem intimidating. There is a lot that goes into building a home, and if you have never met someone who has built their home before, you may not know where to begin. 

Building a home can sound overwhelming, but if you have an expert helping you out, you’ll feel more confident about the decisions you make for your home. Our Premier Utah Real Estate experts have several tips for any first-time home builder looking for advice. 

1. Prepare Your Budget

If you are a first-time home builder, you will want to have a budget in mind. This budget is going to require some flexibility, but going into the home-building process with a budget will make the process much easier on you. Building a home costs a lot of money, so you’ll want to ensure you have enough money prepared for this expense.

With a budget prepared, you will better understand how large your house will be, what features you might splurge on, or what is not all that important for your future home. If this is a home you plan to spend many years in, you want it to be something you love, and having a budget prepared will help you achieve that. 

2. Choose Your Perfect Location

Many more factors go into choosing the perfect location you may have yet to think of. Every neighborhood is going to be different from the last. Take a walk through a few neighborhoods you’re interested in. Learn about the schools in the area, stores nearby, parks, and the people.

Then you’ll need to decide on the lot size you want. Also, consider how far this location is from your loved ones and work. Is the commute something you want to make every day? If not, then it probably isn’t the perfect location for you. When you choose to build, you want to know that this location is perfect for you and your family. As a first-time home builder, don’t rush this; find your perfect fit. 

3. Have A Flexible Timeline

Building a home is a slow process, with many steps between the start and finish. Sometimes building gets delayed, which can be frustrating for first-time home builders. We know you’re excited to get into your new home, but it is crucial to have a flexible schedule if you plan to build a home.

Don’t feel discouraged by the extension of your original timeline. Even if everything goes according to plan, things happen, and dates get pushed. Keep track of your original contracts, and try understanding when plans aren’t followed perfectly. Trust that your home is getting built and that you will soon be in your new space. 

4. Have A Vision

When building your home, you should have a vision of what you want your home to look like. If you’ve toured model homes, that is an excellent place to start. Maybe you want a wall put up instead of having an open living space. Perhaps you have a specific metal finish in mind for your kitchen.

As you build your home, there are a lot of decisions to make. Have you thought about the wood you want for your cabinets or the color you want on the wall? Ask your builder what their standard finishes look like. Having a vision in mind will make the decision-making process easier for first-time home builders.

5. Think About The Weather

When you choose to build your home, you need to think about the weather where you live. Do you hate the snow? Do you wish the summers were a little cooler? Maybe the city you are in is not the best fit for you.

Also, think about the weather in this specific area. If you are located at the mouth of a canyon, you may deal with more wind than you are expecting. Are you located at the base of a mountain? If so, you are going to deal with a lot of water run-off and may deal with flooding during an especially rainy season. As a first-time home builder, this is important to think about. 

6. Choose A Great Builder

When you are building your dream home, you want a team you can rely on. They will be with you throughout the entire building process, so you want to know they are a team you can trust. To figure out if they are a good fit for you, there are several steps you need to take.

As a first-time home builder, you want a builder who is experienced and you know you can trust. If you know someone who has built before, talk to them about their experience with the builder. If you do not know someone who has built their home before, look at reviews posted online. This will give you an idea of what the common experience is with the builder. 

First-Time Home Builder? Build With Premier Utah Real Estate

As a first-time home builder, there is a lot to think about. You want to go into the home-building process with a clear understanding of what to expect. With this advice, we believe you’ll feel more confident building your home. If you’re looking for an expert team to work with as you build your first home, consider our team at Premier Utah Real Estate. With years of beautiful homes built, we’re confident that we’re a great fit for your family. If you’re interested in building a home or would like to learn more about our available floorplans, reach out to us today.

Is now a good time to buy a home? You may find yourself asking this question as you consider whether it is time to enter this intimidating housing market. You may believe waiting until 2024 might be the best for you. However, there are many things to consider before deciding to put off purchasing a new home for yourself and your family. 

At Premier Utah Real Estate, we want homebuyers to feel confident about entering the housing market. Homebuyers should understand what today’s housing market looks like and what they can expect from the home-buying process to feel most confident. 

Should You Buy A Home In This Market?

When considering taking the leap into the current housing market, you must consider whether it is the right time in your life to buy a home. This could mean looking at your responsibilities to determine whether you are ready to add more to your plate. Ultimately, deciding whether to buy a home in this market is on your shoulders. No one but you knows if it is the best time for you to buy a home. However, you should know what the market looks like before deciding. 

What To Know About The Market

One of the most significant factors impacting a homebuyer’s decision to buy a home is the current mortgage rate. In the United States, the 30-year fixed mortgage rate averages 6.96%, and the 15-year fixed rate averages 6.30%, up by almost 2% from last year. 

Another factor impacting a homebuyer’s decision to buy a home is the current price of homes on the market. However, this may not be a problem for Utah homebuyers as the average cost of a home in Utah is $545,200, down from $562,100 in June 2022. 

While homes are selling for less than they were last year, they are still selling incredibly quickly. In March 2023, the average home was on the market for 54 days. This means there is not much wiggle room for anyone interested in purchasing a home. 

Why You Should Buy Now

While you might feel intimidated by the current housing market, it is essential that you know that, with a great real estate team behind you, now is a great time to buy a home. Because of the ever-changing federal interest rates, many homebuyers who have purchased in the last year have secured their interest rate before interest went up. Buying in 2023 can lock in interest rates, ensuring you won’t have to pay more than you are prepared for. 

Are You Ready To Buy?

As we already briefly mentioned, it is essential to consider whether you are at a good point in your life to purchase a home. Considering whether you are ready to buy a home can include a lot of things, including the following:

• Consider Your Credit: While you don’t have to have perfect credit to purchase a home, you should consider working on your credit score if it isn’t great before you decide to purchase a home. A conventional loan requires a 620 credit score, though it is recommended that you wait until your credit score is 740 or higher. 
• Prepare A Down Payment: Many programs help homeowners purchase a home with little or no down payment. However, you should still consider building a down payment for a potential home. Having a down payment will help bring down your monthly mortgage payment and may give you a leg up over other homebuyers. 
• Pay Down Debts: When purchasing a home, it is essential to ensure your debt-to-income ratio isn’t too high. If it is too high, you may find it harder to get approved for a mortgage loan when you begin to apply. By paying down your debts before you’re ready to buy, your debt will be lower when it comes time to purchase. 
• Get Pre-Approved: Pre-approval for a mortgage is a great way to prepare to buy a home. By seeking pre-approval, you can better understand the home you can afford and what your payments will look like. 
• Find A Real Estate Agent: Before you buy a home, you should look for a real estate agent you can trust. While you are waiting to purchase, consider looking at the reviews of local real estate agents. Reading reviews will help you find an expert you can trust to walk you through this complex process. 

Buy A Home With Premier Utah Real Estate

Buying a home in this market may seem intimidating. But with the correct information and preparation, purchasing a home should be an exciting experience for your family. A reliable real estate team can help you through every step.

If you are looking to buy a home in Utah, you should work with a team of experts you can trust. Our team at Premier Utah Real Estate is confident that we can help you through the entire process, and we will find you your dream home. If you are interested in working with our team or would like to speak with an expert, contact us today.