Top 5 reasons to buy your first home

by Vanessa Linn on May 13, 2011

I remember the first home I bought back in 1999.  I was so scared. I called my lender every day. But I knew in my heart of hearts it was the right thing to do for my family.

I wanted to live in a neighborhood where my daughter would have friends to play with, and I needed a tax deduction. So I saved for my down payment and closings costs, and then borrowed a few bucks from my dad (just for a week).

There were many firsts at my first home: our first Fourth of July block party; my neighbor bringing me dinner when I was sick; and the first time I hosted Thanksgiving dinner.  We made friends that will last a lifetime.  Would you believe I still get together with my childhood friends from the first house my parents bought?

Besides creating lifelong memories there are several practical reasons to own a home today:

  1. Interest rates are lower than when your parents and grandparents bought their first home.  Ask them, see what they say.
  2. There are grants (no repayment) available to moderate income families for assistance with a down payment and/or closing costs.
  3. Your monthly rent payment goes towards paying your landlord’s mortgage payment and taxes. Why not reap these benefits for yourself?
  4. Some of the things you can deduct on your taxes include:
  • mortgage interest
  • property taxes
  • sales taxes
  • mortgage insurance premiums
  • To learn more go to IRS.gov

5.    When was the last time you ate dinner at your neighbor’s house?

If you need help navigating your way through homeownership or need a new home guide, we are here every step of the way.  We have created an entire section on our website dedicated to first time home buying.

What memories will you create in your first home?

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