First time home ownership benefits- What are they?
The first and most obvious benefit to homeownership is as an investment but that’s only one of many reasons you should buy your first home. The old saying “if you can afford rent, you can afford a mortgage” is incredibly true. Most mortgage payments are lower than rent and do not seem to be increasing at the same, incredibly high rate.
Another reason to buy a home is pets. When you own your home, you can have any number or type of pets. Many rental units do not provide the same freedom to house furry friends. When you own a home with some land, you can even have your own small-scale hobby farm, with goats and chickens!
By purchasing earlier in your life in addition to the initial investment you will be setting yourself up to pay your mortgage down before retirement, or have a home and mortgage started before going into retirement, when folks often (but not always!) struggle to find financing.
Upsizing and downsizing when is the right time?
There are many times when it is very clear that the market is moving and a good time to sell. However, it’s not always the right time to buy. Specifically for selling when there is low inventory and high demand in your area this would be the best time to reach out to an agent and put your house on the market or at least get a price to see where you fall to make sure that it’s worth it for you and the right time.
Additionally, it’s usually a sellers market in the spring and in the fall when people are trying to find a home to get ready for the end of the school year and sell and maybe move to a new neighbourhood or during the fall after school has started and people want to get into a new home for Christmas.
As for buying, there is definitely more inventory during spring and fall to follow the sellers market. However, prices will be a bit higher so if there is no urgency on buying, you could always see what comes on during the summer months or what is still sitting on the market after the inventory has been depleted from spring market or even after Christmas, midwinter you may get a better deal! This is not always the way but definitely something to watch for. Again, having an agent working on your behalf, will definitely help with these nuances.
Community involvement – Does this matter to buyers?
Absolutely as this can impact where a buyer may see themselves living due to school districts, highway access, and the ability to walk downtown and shop, depending on whether they have a car and would like to travel. Also the ability to commute for work, and where their work is situated. When you take into account all of the variables in different communities, you have a better idea of what your life may look like in a given community. Neighbours and location can make or break your home-owning experience, even if the house itself is “perfect” the community may not be. Having a connection to an agent who can help you learn more about the nuances of the community will be invaluable to ensuring you make the best decision.