Me to my younger self:
“Eventually, you will have a job you love AND you’ll buy a house! And when you do, please keep these things in mind…”
If I could, I’d be passing along these insights to the younger version of myself – the things I definitely didn’t know before I purchased my first home.
Sharing now because if one person benefits from seeing this, it’s worth it!
1. Plan for maintenance expenses.
Back in the day, I didn’t anticipate any maintenance costs. It’s critical to set aside a portion of money for this.
A good rule of thumb is 1%-3% of the value of the home per year. Consider moving a fixed amount each month into a high-yield savings account so you’re prepared for surprises down the road.
2. Homeownership will provide stability for you & your loved ones.
There’s something special about having a place that’s solely yours, not someone else’s. The sense of security and comfort that comes with homeownership is a feeling you can’t put a price on!
3. Predictable monthly costs will provide peace of mind
Rent prices used to keep me up at night, wondering when the next increase would hit. With my own home, I gained peace of mind knowing that my monthly expenses were stable and wouldn’t unexpectedly skyrocket.
4. Your home’s value will increase.
I used to fret about the direction of property values. Spoiler alert: they’ve only gone up!
Historical data shows us this, too. Owning a home has turned out to be one of the smartest investments I’ve made.
So, if you’re considering buying your first home and have a few worries, I get it. It’s a huge step that shouldn’t be taken lightly!
If you need a guiding hand, comment “home” to grab our free Buyer Guide, it’s a compilation of all that we’ve learned along the way!
“Bringing You Home to the Good Life”
Morrison Bifford Real Estate Group
Royal LePage Locations West Realty
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