Real EstateReady to Buy Your First House? Here are 5 Reasons to Say YES!

There are many different circumstances that motivate people to purchase their first house. Knowing the right time in your life to buy your first house is an important part of the process. In the days of your grandparents, or maybe even your parents, buying your first home was a rite of passage that generally came along with getting married in your early 20’s and then starting a family. After WWII, the G.I. Bill was passed in Congress in 1944 which provided veterans returning from the war home buying provisions of low-interest, zero-down-payment home loans for servicemen, with more favorable terms for new construction compared with those for existing housing. This encouraged millions of American families to move out of urban apartments and into suburban homes. Today, the reasons for deciding to purchase a home are as diverse as first time home buyers themselves. But, owning a home can still be one of the greatest foundations on which to build memories.

Are you tired of paying increasing rental rates and watching your money go into your landlord’s pocket every month? Maybe you have some very specific design ideas, but you can’t apply them to your current living situation. Are you living under someone else’s roof and ready to own your own place?

What are some signs to look for that mean you might be ready to buy your first house?

YOUR CAREER IS MOVING FORWARD

When you are building your career, oftentimes the focus is on the next steps on the ladder of your career, and you’re not thinking about climbing a ladder at home! But, owning a home can help you feel more established and be a serious boost to your career. Home ownership, and the responsibilities that go along with it, can boost your confidence as a young professional and help drive you to succeed. If you’re confident that you are going to continue growing in the career path you have chosen, then purchasing a home makes sense for many reasons.  

YOUR CITY IS TRULY YOUR HOME

If you enjoy the city in which you live, owning a home is a great way to commit to your local area. Charleston SC in particular, seems to have that effect on people, eliciting declarations of,   “I love this place and I’m NEVER going to leave it! ” If you are uncertain whether you will be living in the same city you are in right now over the next year or two, purchasing a property may be a bad idea. On the other hand, if you love your city and know that you will be there for a long time, purchasing a home is a great idea. As a homeowner, you will most likely feel more connected to the overall well-being of the area in which you live. When a new park is put into your neighborhood, it means much more when you actually own property within that area. Homeowners are generally more invested in the success and vibrancy of the area that they live in.

LOVE IS IN THE AIR

If you are engaged to be married, or have been with your current partner for a long while, it may be time to think about purchasing your first house together. Purchasing a home is usually the first step that couples make once they are serious about moving forward in their relationship, and for this reason, couples feel a strong urge to buy a home together as a way of committing to each other long term. It may be a natural “next step ” to think of a home as a place to invest in memories and life experiences. This becomes the place where some of life’s “firsts ” will play out …  first Christmas tree, holiday get-togethers, bringing a new baby home from the hospital, kids birthday parties, and many other special memories. This is what makes owning a home such a privilege as a young couple. Nothing compares to building wonderful memories in your own home.

YOU’VE BEEN RENTING FOR LONG ENOUGH 

For some people, life just gets too busy to think about purchasing a home and so they get stuck in the routine of renting. This becomes an obvious problem when you look back over the last 5 years (or more) and calculate the amount of rent that you have spent during that time. Take those numbers and put them into a home mortgage calculator and you will soon realize that you could be sitting on tens of thousands of dollars of equity if you would have bought a home years ago, rather than putting it off.

If you have been renting for more than two years and you are fairly confident that you will be within the same city you’re in right now in the future, you’re probably ready to buy your first home.

You’ve got the HOME IMPROVEMENT BUG

One of the greatest benefits of owning a home is that you can do anything you want to it (within obvious parameters) to make it your own place. Some landlords will let you paint and redecorate a property before you move in, but all of your hard work and expenses benefit them in the end.  Nothing will make you feel more connected to your home then when you have completed a renovation project or two and now have a place that perfectly reflects your personality. 

NOTE: In today’s real estate market, it can be more challenging than ever for first time home-buyers to make the leap. While many younger buyers are flocking to Charleston for all its wonderful lifestyle benefits, inventory for affordable options remains tight. But on the bright side, interest rates in 2017 are expected to remain low. Our team of qualified Realtors can help first-time home buyers navigate the ins & outs of buying in Charleston – and help you find the home of your dreams.  Start your search today…