Become a homeowner

Congratulations on beginning your real estate journey. We are looking forward to supporting and helping you each step of the way!

Benefits of homeownership

# 1 Fixed monthly cost

If you purchase a home with a 30 fixed mortgage your monthly cost will be fixed for 30 years, unlike rent which often increases annually. Although, a mortgage may begin higher than current rents overtime rent tends to surpass mortgage costs.

#3 appreciation

Owning a home is often better than renting because of appreciation. When you own a home, its value can go up over time. This means your house can be worth more in the future than what you paid for it. When you rent, the money you pay each month doesn't help you in the long run. But when you own a home, you're investing in something that can make you money later.

#5 Tax benefits

Homeownership comes with tax benefits that can save you money. You can often deduct things like mortgage interest and property taxes from your taxes, which can lower your tax bill. Also, when you sell your home, you might not have to pay taxes on some of the profit you make through capital gains exclusions. These tax perks are not available when you rent, making owning a home a smarter choice for saving on taxes.

#2 Be in control

As a homeowner, you have the freedom to customize your living space according to your preferences and needs, from painting walls to renovating rooms. This level of personalization is often not possible in a rental property, where changes are typically subject to the landlord's approval. Additionally, homeownership brings a sense of stability and security. You are not subject to the whims of a landlord who might decide to sell the property or change rental terms.

#4 Build Equity

Equity is the part of your home that you truly own – it's the difference between the property's value and what you owe on any mortgages. Each mortgage payment you make increases your equity, unlike rent payments that simply go to a landlord. Over time, as you pay down the mortgage and if your home's value increases, your equity grows. This built-up equity can be a valuable financial resource, potentially used for loans, refinancing, or as a significant asset when selling the home.

"The Federal Reserve has found that homeowners have a median net worth 40 times that of renters. From 2010 to 2020, total housing wealth for middle-class households grew by $2.1 trillion"

Federal REserve

Ways to afford the downpayment

Downpayments

Many first time home buyers get nervous about how they are going to afford the downpayment to get a mortgage.

Low Down Payment Mortgage Options:
0% VA loans and 3.5% FHA

First Time Home Buyer Support:
Numerous programs provide downpayment financial support to first time buyers like CHFA.

Gifts from family & friends:
Friends and family can provide financial gifts that can be used towards your downpayment.

401K Loan

You can take a withdraw from a retirement account like a 401(k) to fund your downpayment.

House Hacking

What it is and how you can use it

House hacking refers to making money by renting out part of your primary residence to off-set your cost of owning the home. House hacking can also help you qualify for a more expensive property. Several examples include:

Buying a property with 2 or more rooms and renting out individual rooms inside the house.
Buying a 2-4 unit property and renting out the other units to generate rental income.
Renting Short-Term (Airbnb/VRBO) all or part of the property during the year or while traveling away from your home.

Book a free consultation

We love helping first time home buyers.