According a study performed by the National Association of Realtors, 35 percent of home buyers were under the age of 35 – the largest of any age group identified in the 2016 analysis on generational trends. The study found that this group, comprised of Millennials (individuals born between 1980 and 2000), had an average home buying age of 30. The decision to buy a home is a tremendous one, particularly in a marketplace such as Southern Connecticut, where home prices tend to be a bit higher than those seen in some other regions of the nation. A home will be the largest single purchase you ever make, so it’s important to ensure that you’re in a good place to proceed. That’s precisely what Southern Connecticut Coldwell Banker Realtor Judy Szablak will explore in today’s article.
The Benefits of Owning a Home Instead of Renting
Homeownership has many benefits over renting a property, from fewer restrictions on what you can and cannot do, to the ability to own pets, the freedom to customize the home as you see fit and the many tax benefits that homeowners can claim.
But the most significant benefit of owning a home is the ability to build your personal wealth. When you’re a renter, you’re in a position where you’re lining your landlord’s pockets. Once paid, you see no future benefit from those funds. But in the case of a homeowner, you’re in a very different position as you’re building your personal wealth and equity with each month’s payment. This equity, combined with Southern Connecticut’s rising home values, can translate into significant financial advantages for homeowners.
If you stay in the home for the duration of the mortgage, you will ultimately find yourself in a position where you no longer have to pay a monthly mortgage, dramatically lowering your living expenses.
Getting Pre-Approved for a Mortgage Loan
When considering a big decision such as buying a home, it’s vital that you have solid figures so you can “crunch the numbers” in a meaningful, accurate way. What’s more, you don’t want to find yourself where you’ve fallen in love with a home (or even just the idea of owning a home), only to realize that you can’t get approved for a home loan.
For these reasons, it’s wise to get pre-approved — not just pre-qualified — for a mortgage loan before you begin the search for your new home. A pre-approval will provide you with information on what you can expect to pay on a monthly basis, in addition to giving you a precise idea of how much you can spend on a property. Aspiring homeowners can also consider different scenarios, such as the monthly payment differential depending upon different down payment sums.
Once you have these pre-approval figures, you can determine whether owning a home is viable for you at this point in time. You must consider more than just the monthly mortgage rate, but also property taxes, insurance costs, moving expenses, monthly utility costs and incidental repairs and maintenance costs.
Considering the Lifestyle of a Homeowner
Homeownership is not right for everyone, as you will have many new obligations that fall onto your plate. For example, when something breaks, you can no longer call your landlord to come fix it. Instead, it becomes your burden and incidental repairs can prove to be quite costly.
And while you will have more freedom to own pets and to alter the home as you see fit, there will be some compromises in terms of freedom too. For example, you will be tasked with tending to repairs and the home’s upkeep, so this will mean more responsibilities in many ways. Similarly, if you’re away for an extended period, you will be required to arrange for a housesitter or check-ins, since any damage to the property will come directly out of your bank account.
Individuals who tend to move around frequently due to their career or other issues may also be better suited to renting. When you own a home, the moving process is far more complicated, time-consuming and potentially more costly too. So those who may move in the relatively near future may be better candidates for leasing instead of owning.
The reality is that not everybody is at the right stage to buy a home, so it’s essential that you consider these points when evaluating whether now is the right time to buy a home.
Trust Your Home Sale to a Top Southern Connecticut Realtor
If you think you’re ready to take the plunge into homeownership, it’s time to find a Realtor who can help you find the perfect home for your family and its needs. Whether you’re a buyer or a seller, Southern Connecticut real estate expert and seasoned Realtor Judy Szablak is here to offer guidance, helping you avoid scams while ensuring that you enjoy a prompt, efficient transaction. An agent with Coldwell Banker Residential Brokerage, based in Westport, CT, Judy Szablak has been in the real estate field for decades. She specializes in the purchase and sale of single family homes, new construction, luxury properties, condominiums and even seasonal or rental homes.
Serving clients since 1984 and recently amongst the top 6% of Coldwell Banker real estate agents worldwide, Realtor Judy Szablak has more than 30 years of experience working in the Southern Connecticut real estate industry. She works with clients in a number of Southern Connecticut communities, including Westport, Trumbull, Weston, Fairfield, Norwalk, Stamford, Easton, Wilton and Rowayton amongst others.
Browse Judy’s property listings to see if your new home is amongst her listings! Or, if you’re ready to sell your Southern Connecticut home, turn to the best. With over three decades of experience selling homes in this area, Judy knows exactly what it takes to ensure a smooth and stress-free home sale. Call Realtor Judy Szablak today at 203.257.5892.