As a first time home buyer, you may think that it is extremely difficult to be into such situation because of the multitude of things you have to consider. The process involved including house hunting, choosing the perfect style and design, evaluating the location, and getting approved for a home financing program are all time-consuming and effort-eating. Despite these, there are still advantages that do come with being a first timer in the home buyer's market.
Access to special loan programs
Home financing companies see first time home buyers as a large chunk of clients. First time home buyers, particularly those who belong to the Gen-X and Gen-Y are starting to build their own lives and part of their dreams is to purchase their dream house. With this, there are various types of special housing loans being offered to them. It's like having a quick access to the necessary fund to make the required down payment for the house. In general, loans of offered to them are those with low interest rates.
The feeling of security
As a first time home buyer, there is nothing more joyous to the moment when you have already transferred to the home you have purchased. Along with this is the feeling of security that you will have because you already have your own roof to shelter you from heat, rain, and snow.
First time home buyers as they become home owners automatically become qualified for tax benefits. These are fully deductible from your income tax returns. If you want to know more of this, you can consult with a real estate agent or with a realty tax specialist.
Opportunity to build credit reputation
No matter how rich a person is, a good credit rating always matter. Owning a house for the first time adds to your credit-building reputation. Of course, you have to be able to pay your monthly housing loan fees in order to have a good credit standing. In the future, if you have to get a second home or perhaps you want to avail of other types of loans like a car loan, it will be easier for you to qualify because you have become a good payer.
Chance to build home equity
As years pass by, your home will increase its market value depending on how well you take care of it and how you will impose improvements when necessary. The home equity will grow with the principal portion of your mortgage payments.
Desare Kohn-Laski is a proud and experienced Florida realtor who is knowledgeable and familiar of the East Coast Florida real estate market. Some of the areas of her service include Parkland, Fort Lauderdale, and Hallandale Beach. Stop the chase for your dream house with her professional assistance. For more information, hop on to http://www.skyelouisrealty.com.