Buying a home is the cornerstone to building family wealth and is often the biggest financial decision a family makes.
Families fall in love with the idea of living in a new home and watching their children play in a new backyard in a safe neighborhood as they entertain their friends and family. Most people don’t fall in love with going through the loan process and taking what sometimes is a hard look at their credit and financial situation.
Hiring the right Loan Officer, who knows credit and the ins and outs of loan products is essential and is the best first step. If you are ready and willing, find out if you are able to buy by doing a full evaluation of your credit and options.
Hiring a True Professional when it comes to a Real Estate Agent is a must. There is a huge difference between an average agent and one who has made real estate their life’s work. I can’t say enough about your decision when it comes to who you pick as your agent; it’s not always about their fee, most of the time that is a small price to pay.
Something to consider:
The average Net Worth of a Homeowner is 45X greater than that of a renter.
Even after the housing crash of 2007 through 2009, the net worth of homeowners over time has been greater than that of renters. You are going to pay someone’s mortgage, the question is whose?
Real Estate provides an opportunity to create wealth for you and your family by accumulating equity as the home appreciates over time, giving you one of the last tax advantages you have. Real Estate gives you the opportunity to convert your primary residence to a rental sometime in the future. Homeownership creates a forced savings plan, and especially in the state of Texas where our homestead laws restrict you from being able to cash out more than 80% as a primary resident.
You really have to evaluate your situation, your long and short term goals, before you make your home purchase. The trends are that homeownership is the best option and I believe that to be true.
As long as you have done the research you decide when the right time to buy and start building wealth is for you and your family.
If you need help with research give us a call we can help!