KC First Time Home Buyer
What's Important for First Time Home Buyers in Kansas City
RISMEDIA, August 6, 2010
While some first-timers aren’t ready to own a home, others would be wise to invest now.
Many first-time buyers want to own a home and can afford to own a home, but they're worried that the market is going to continue to decline and the home won't be worth what they paid for it. However, short-term future value should not matter if the other circumstances are right.
-Money paid for rent buys a house for someone else to own.
-Rents do rise with supply and demand.
-Homes in most areas are now so inexpensive that first-time buyers may be able to make their payments and set aside a few dollars for maintenance for less than their current rent.
-Interest rates are still low, making inexpensive homes even more affordable.
-With interest rates so low, a few extra dollars per month on a 30-year mortgage could mean a first-time buyer could own the house free and clear within 15-20 years.
-Hesitation could cost big dollars. Just a 1% rise in interest rates will add several hundred dollars per year to even a moderately-priced home. And interest rates are expected to rise.
-This tide will turn, and homes will begin appreciating in value. That trend has already begun in some markets and will begin in others as the foreclosures and short sales are sold.
-Over time, first-time buyers will be earning more while their house payment will remain stable.
Once a first-time buyer has determined that they are ready to take on the responsibility of homeownership, their primary concerns should be:
-Their desire to remain in the home for several years.
-Their ability to make the payments and take care of maintenance without having to give up everything else they now enjoy.
When you have made the decision to be a first time home buyer in KC, give me a call. I'll show you every step of the Real Estate purchase process.