Buying property for the very first time can be a stressful journey. In my career, I have noticed that the best real estate agents will often go to great lengths to offer both practical and emotional support to their first-time homebuying clients.
The challenge of working with new home buyers is that it’s rarely a cut-and-dried affair. Some first-timers may think they are ready to take the plunge into home ownership but may not actually have sufficient funds for a down payment or a solid credit history for financing. Others may not be ready to settle into a community for the long haul and prefer to remain free of any commitments.
Whatever the case may be, you can be assured that there’s a way to overcome almost any objections you might encounter.
Here is my tried-and-true list of the ‘12 pros’ of owning a home that I always share with any customers who are waffling over home ownership:
- Wealth building: Real estate remains a vital asset in building a foundation of wealth for your clients and their family.
- Better management: Homeowners are in absolute control of the upkeep of their own house and not dependent upon a stingy landowner or indifferent apartment complex maintenance staff.
- Credit score: A mortgage kept in good standing will improve your client’s credit score.
- Tax breaks: Your clients can deduct the interest paid on a mortgage loan and the property taxes, not to mention the closing costs in the year the home is purchased.
- Appreciation: Real estate has long-term growth potential that can not only increase your client’s wealth (on paper) but also lead to a profitable sale at some future date.
- Stability: A house offers a truly stable place to raise a family.
- Equity: Mortgage payments let your clients build up the home equity, which can allow them to pull out additional cash in the future in case they want to modernize a kitchen or build out a roomier master bath.
- Predictability: Tell your clients that rents can go up, but fixed-mortgage payments will not increase, except for property taxes associated with rising home valuations.
- Pride: A big reason why first-time clients make the jump is to become a proud owner of their own little piece of the earth.
- Community: Homeownership is also a wonderful opportunity to be part of, and help contribute to, a community.
- Pets: A big one for many young property virgins, home ownership leads to greater freedom for pets, including having a yard and neighborhood for them to discover.
- Freedom: Your client never has to worry about the consequences of painting a room or putting pictures on the walls!
I hope you enjoyed this summary of my take on the ‘pros’ of homeownership for first-time homebuyers!
FYI, I will bring you a total of 12 articles based on my book Keep Calm…It’s just Real Estate as the year goes on. Stay tuned for more great tips from eCommission and myself!