If you’ve been planning to buy a home soon, the uncertainties in the world may be giving you pause. While every person needs to decide what is right for them, there are some reasons why moving ahead with a home purchase can be advantageous when the future is uncertain. Let’s take a look at them now.
- Diversify your investments. Buying a home invests you in real estate. A nice thing about real estate is that it has concrete value. No matter what happens in the markets, a home can be lived in. In fact, this is a good time to think about pulling funds out of riskier assets and investing them in building equity.
- Opportunity for rental income. If you end up in a scenario where some additional income could benefit you, you can rent out part of your home, or an addition in your backyard. This can also be a way to hack your mortgage during normal times.
- Interest rates. If the timing of your home purchase happens to line up with a recession, interest rates should decrease. You can lock in a low fixed interest rate for the lifetime of your mortgage by buying under those conditions.
- Increase financial security. Let’s say you are in a scenario where you can afford to make a very large down payment on your home. This might bring your monthly housing costs below what you would be paying if you were renting. If that is the case, you would find it easier to afford your monthly bills in the future.
- Boost personal security. If you are used to renting apartments, you will appreciate the increased personal security and control you have when you own your own house and grounds. You can set up security monitoring equipment as needed. And just having some extra space around your home makes it easier to see what is going on around your property.
- A place to feel relaxed. When times are uncertain, it is easy to end up feeling stressed. But it is important for your mental wellness to do things that help you to alleviate some of that stress. Having an environment that feels safe, calm, inviting and private can do a lot to help you feel relaxed and maintain your mental health in the face of uncertainty. It is hard to have that feeling when you are renting. But when you step inside your own house, you have a greater sense of belonging and stability.
Buy a Home in Virginia
If you are ready to move forward with a home purchase, First Residential Mortgage is here to make the process fast and easy. We are based in Blacksburg, and work with homebuyers and homeowners throughout Virginia. To buy a home or refinance, please give us a call at (540) 838-5868. We look forward to helping you make your dreams of homeownership come true.
