Buying a home

Owning the American Dream.

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I bought my first home because it  was nearly impossible to find a decent apartment that allowed dogs. I’ve had a dog since I was six years old.  I now have three Boxer dogs and they are as every bit part of my family as the human members that gather around the dinner table each night. I could never live anywhere that is not pet-friendly.

The decision to buy a home was one of the best investments I’ve ever made. With that single transaction and the continuing growing equity homeownership offers, I’ve been able to build a solid financial foundation. I loved my first place…a small one bedroom loft-style condo near the railroad tracks in Evanston, Illinois…but I sold it after about two years. The equity was used to purchase a larger two-bedroom townhouse in suburban Washington DC for me and my baby boy. A few more years passed, I got married, and the townhouse was upgraded for a single-family home. I now also own a small 20-acre farm, an 8-acre parcel of land, and an investment property.

The drive to own a home is as varied as the people living in them. No reason is better than another since everyone’s story is different. Some people want room to grow their family. Some want to secure their financial future. Others simply want to paint their walls purple and call it day! The Joint Center for Housing Studies at Harvard University recently put out the “15 Major Reasons to Own a Home.” See if you agree with any of these reasons:

1. Paying rent is not a good investment.

2. It motivates you to become a better citizen and engage in important civic activities.

3. You want more living space to move around.

4. It means having a good place to raise children and provide them with a good education.

5. It provides a good financial opportunity.

6. You can select a community where people share your own values.

7. It’s a symbol of success and achievement.

8. You start building family wealth.

9. It’s investing in your retirement.

10. Owning a home provides good tax benefits.

11.The landlord doesn’t decide if your child should have a best friend (i.e. a pet).

12. It gives you something to borrow against if needed.

13. It’s a safer place to raise your family.

14. You don’t want to be told how to decorate your own home.

15. It allows you to live in a nicer home.

Owning a home is much easier than people think. In fact, according to HousingWire, it’s not that potential homebuyers aren’t qualified in terms of their credit scores or in how much they’ve saved for their down payment. It’s that they think they’re not qualified or they think that they don’t have a big enough down payment. A good lender will help you determine the best home loan program that fits your lifestyle, how much down payment is needed, and the amount of closing costs required to purchase a home. I purchased my first home with very little money in the bank and $5,000 I borrowed from my mom.

Buying a home is a great idea and usually is always better than renting. It may be a little scary or offer up a roller-coaster of emotions but it’s well worth the ride. When you’re ready to buy a home, please consider giving me a call. I’d love the chance to discuss your homeownership goals and help put together a plan to help you reach them. Call/text: 703-963-0142; Email: robyn@robynporter.com.

Happy House Hunting!

 

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