Buying a house is a lot easier than you think it is! It can be startling to log on to home-buying websites and see that a house you like costs hundreds of thousands of dollars. But don’t worry, that doesn’t mean that it is out of your price range. Here at Bold TV, we love real estate! Property is a great investment that usually increases in value, especially if you take care of it. So, we’re going to break down how to buy a home
Why you should buy a home
The reason you shouldn’t be afraid of the full housing cost is because of something called a mortgage. A mortgage is a loan that you get from the bank to help pay for a piece of property. Once you get a mortgage, in a lot of cases you only have to pay about 3.5% of the housing price as a downpayment, and in some cases, you may put 0% down. Plus, interest rates are at an all-time low right now, so if there was ever the perfect time to purchase a home, it’s today.
Monthly mortgage payments tend to be close to the average rent costs in an area. Imagine, you could pay the same amount, but in the end, you’d own the place you’re living in and could even sell it for a profit. When you rent, the only one getting paid is the landlord. Of course, you don’t have to be fully established with a spouse and family to buy a home — you could bring your friends with you instead. Your friends even could pay you a little rent, which could go toward your mortgage payment.
What not to do
We wouldn’t advise getting a house in a big city because chances are that prices are huge and not worth it in the end. Looking for property off the beaten path is highly recommended for your bank account and your future. The truth is that more people are moving out of big cities and into the suburbs, so you have a better chance of selling once you’re ready to upgrade. But, you should plan to live in the house for at least five years if you’re going to buy it. And, make sure your credit is in check before even thinking of attempting such a huge purchase. Read more about that here!