If you’re like many people in the U.S., you’ve thought about purchasing a new home at some point or another. It’s a big step that can feel inaccessible, but, equipped with the right information, you’ll find that it’s easier than you might think. Plus, you’ll be amazed at what the statistics say about how owning a home can secure your financial future.
Below are four of the most frequently asked questions our builders get from potential first-time homebuyers — you may even have had some of them, too. We’ve got answers to those questions. Take a look.
What Are the Advantages of Ownership?
When done within your means, buying your first home is one of the best decisions you can make for your family’s future. It’s not just a place to call your own, but a time-honored step in securing financial stability and accumulating wealth.
The clearest example of this advantage is seen when you can start building equity instead of throwing your hard-earned money away for rent each month. You’d be surprised that with today’s hot housing market in the D.C region, the difference between your current rent and future mortgage might not amount to much. And once you own the home, the home value is directly incorporated into your net worth.
In fact, according to the Federal Reserve’s Survey of Consumer Finances in 2016, a typical homeowner’s net worth was $231,400, while that of a renter was only $5,200.
While homeownership is one of the most direct paths to build equity and secure your financial stability, it’s also likely the biggest financial decision you’ve ever considered, so it’s important to be informed and understand your finances well before you jump into anything.
How Do I Secure Financing?
First and foremost, it’s essential to know the state of your finances and whether you can afford this big next step.
Once you’ve set a budget, saved money for a down payment on your first home and received pre-approval for a mortgage, then you should begin thinking about the lifestyle you want to lead and exploring communities and homebuilders that have piqued your interest
Fortunately, many of BeechTree’s builders can make this first step smooth and simple by financing through their in-house or preferred lenders. As members of major regional and national financing networks, they can help you secure the most competitive rates available on your first home. And they can help you pre-qualify before you even decide on the specific home design and options you want.
How Do I Know Which Homebuilder to Choose?
It’s a widely held belief in American economics that competition benefits consumer choice, and here at BeechTree, that philosophy is a clear reality. With the choice of single-family home and townhome designs from five nationally ranked homebuilders, the power is in your hands.
You can rest assured that each of our homebuilders will provide an expertly crafted, energy-efficient and stylish new home, regardless of which you choose. But with so many options, you can shop around, meet with each builder and learn about their current incentives to see where you can get the most bang for your buck on your first home.
What If I Don’t Want to Wait for a New Home?
Working with your selected builder through the construction journey can be incredibly satisfying and give you the chance to choose personal touches each step of the way. But for those who don’t have the time or don’t want to take the time to build from scratch, many of our builders offer Move-In-Now Homes that are already built, already upgraded and ready for you to move in.
Check out the Move-In-Now Home offerings from our different builders in the links below:
- D.R. Horton Townhomes
- Dan Ryan Builders Single-Family Homes
- Haverford Homes Single-Family Homes and Townhomes
- Lennar Single-Family Homes and Townhomes
- Ryan Homes Single-Family Homes and Townhomes
We hope these tips have answered some of your questions about the benefits of home ownership and the new home journey. If you have any additional questions, please don’t hesitate to reach out to us. We can’t wait for you to come home.