To Buy or not to Buy? Top Reasons People Become Homeowners

Happy family at home with their dogs

If you’re on the fence about buying a home, you’ve likely done a lot of research on interest rates and home prices, and have heard about lack of inventory locally and across the U.S. What you’re hearing may be enough to make you want to put your dream of homeownership on hold.

Not so fast!

Think about all the reasons that homeownership may be right for you, including the fact that if you wait even a year, it’s predicted that you’ll face higher home prices and interest rates, and ultimately a higher monthly mortgage payment. Here are a few of the top reasons people buy homes.

Pride of ownership. You can paint the walls any color you desire, attach permanent fixtures, and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability. It’s an investment in your future. And a lot of people would say that the independence and sense of accomplishment that owning a home brings is an essential part of their way of life.

Build equity. Real estate moves in cycles, but over the years, real estate has consistently appreciated. As property value increases, you build equity in your home and your home becomes worth more than you owe. If you are renting a home, your landlord builds this equity every time you pay rent, and you get nothing in return.

Have more space. A lot of renters find they are short on space. They have few closets, no yard to call their own, and no attic, garage or basement. Many renters even pay an additional fee for a storage space on or off the property. Homeowners are often glad to have extra storage space, a place for their cars, and a yard to host barbecues, play with their kids or to run around with a new dog!

Make room for Fido. A recent survey by SunTrust Mortgage found that a third of millennials who had already purchased their first home said they were influenced by the need to have space for a dog. Not only do you get more space for your pet with a yard to play in and room to roam about, you can eliminate the pet deposit and monthly fee that a landlord tacks on to your rent payment.

Upgrade to your heart’s content. A lot of renters are not rewarded for upgrading their homes. The landlord may benefit from a fresh coat of paint, new flooring and overall upgrades that make the space a home, but there is no reward for the renter who sinks money into projects that benefit someone else’s pocketbook.

Keep your distance. Even if your new home has a small yard, if you buy a single-family home, you don’t have to deal with heavy-footed clomping walker above you, or the loud talkers below you.

There’s no single reason that makes homeownership the right option. But when you consider all the reasons that are important to you, you really have a reason to buy a home. What makes you want to be a homeowner? Call us today to get on the road to making your dream a reality!

Things to Do with Your Family before Summer Ends

Stock 1

Back-to-School time is coming soon. Don’t let summer slip by without taking part in a few summertime favorites with your kids. Some of these may even harken back to your own summer memories. Share those memories with your kids, while creating new ones.

Spend the day at a sandy beach near you. You don’t have to take a trip to Florida to get the most out of sun and sand. There are a lot of state parks, national parks and local parks that have fun beaches. Grab a pail, a shovel, some chairs, your sunscreen and a picnic lunch and make memories by the water for one last summer splash.

Play mini golf. This is the perfect after-supper activity. It’s relaxing and challenging at the same time. Kids and adults alike have fun trying to get past the windmill, down the right slope and into a hole in one!

Be a tourist for the day. Let’s face it, there are towns and historical sites that we never go to and hikes we never take because they are for the tourists. But these places provide a lot of new information about your local community and your state. And there’s a reason tourists go there – they are fun to visit. Don’t miss out on the reasons out-of-towners hit the towns!

Find a festival. Summer is about festivals and there’s a festival for everyone. Whether your family is into art, culture or funnel cakes, there’s a festival somewhere. Grab the kids, head to the Ferris wheel with cotton candy and just have some summer fun.

Camp in the backyard. Set up the tent, grill hot dogs and make s’mores – all without leaving home. There are memories to be made in your own backyard. Telling ghost stories and giggling past dark is a part of many family traditions. It could be a part of yours!

Get ice cream from the ice cream truck. Few things sound like summer as much as the songs from the ice cream truck. Don’t let it pass by this summer without stopping for a rocket pop!

Whatever you do, make the last breath of summer a memorable one for you and your family.

Home Buying Secrets for Any Market

Family With Children And Pet Dog Outside House On Moving Day

There are some good things to do before buying a home, even if you think you are “just contemplating buying.” Especially in a market as tight as the one we are in today, you want to be ready when you find your dream home or you realize you’re ready to make an offer. Here are some home buying secrets to keep in mind. But don’t go it alone. 

1. Don’t go it alone. You’ll want a good team on your side when you make a purchase as big as this. Work with a mortgage loan officer and real estate agent to make sure you’re educated along the way. You want to make decisions thoughtfully and efficiently every step of the way.

2. Keep your money where it is. Don’t make any big purchases or move your money within three to six months of buying your home. This means, even if you’re just thinking about buying, leave your money in the bank. It’s easy to get a good loan and have the necessary paper trail if you don’t make any big financial moves.

3. Get pre-approved. This means a lender has looked at your financial information and has let you know how much you can afford and how much they will lend you. Now is the time to really sit down and go over all fees, interest rates, types of loans, etc. Do this before you start shopping for a home. Make sure you are pre-approved. It is different than pre-qualified.

4. Don’t try to time the market. You’ll never be able to figure out the perfect time to buy a home if you’re trying to time the housing market. The best time to buy is when you find the right home and you can afford it. Like all investment markets, real estate is cyclical.

5. Don’t buy the biggest house. Buy the best! You want a home that is appealing to you and to others when you go to re-sell. Your home only goes up in value as much as the homes around you. You don’t necessarily want to have the most expensive house on the block.

6. Factor in all costs. Don’t forget to include your utilities, taxes, maintenance, homeowners association fees, insurance and all other costs that go into homeownership when you are budgeting for your house. It’s important to be able to pay for all costs, not only the mortgage.

7. Get a home inspection done. OF COURSE, you’ll want to have an unbiased home inspector check out your home. An inspection can save you thousands of dollars, provide you with negotiation options and even help you decide a particular house is not for you. Click here to read more about hiring a home inspector.

8. Bid right. You should base your opening bid on a couple of factors – what you can afford and what the property is worth. Be fair and reasonable. Check to see what other homes in the area are going for, what the square footage is worth, and what could add to the value of the home or take away from the value of a home. Be specific about your number so the seller takes your seriously.

For most people a home is the biggest purchase they will ever make. Make sure you make the right move by being ready when the time is right. If you have questions one of our loan officers would be happy to discuss your questions, concerns and options. 

Meet Troy and Twilia – Our Foundation’s Most Recent Mortgage Bridge Program Recipients

Whether it’s an accident or an illness, few people are expecting their lives to change in the moment from a Traumatic Brain Injury. Troy and Twilia are no different. Troy exercised regularly and was by all accounts a healthy man. Yet one afternoon at work, he found himself choking on his lunch and having a life-changing stroke.

We are proud that the Universal Lending Foundation stepped in and helped them work on healing and recovery by paying their mortgage through our Mortgage Bridge Program. The program is designed to make up to three months of mortgage and HOA payments to patients or caregivers of patients at Craig Hospital, so they can find ways to heal and work toward physical, mental and emotional wellness.

It is our privilege to provide support to during this time of need, and we appreciate all of our customers who help make this possible.