The Ultimate Benefits of Buying a Home

Buying a home is one of the most significant decisions you'll ever have to make. Finding shelter might be the easy part, but making it your own with personality, pride, and intention is the hard part. For many families, homeownership means stability, pride, and autonomy. If you live in vibrant metropolitan areas such as Bakersfield, Delano, Palmdale, and Tehachapi, the benefits of buying a home far outweigh the few obstacles it poses.

In this blog, we will cover some emotional and financial benefits of buying a home, fears associated with homeownership, and how to best prepare for your loan. At Skyler Realty, we specialize in making each step of the process as easy as possible.

Benefits of Buying a Home

Equity and Wealth Potential

Buying a home is like investing in your future. Instead of paying off a landlord's equity over time, your mortgage payment becomes equity in your asset. Homes have appreciated an average of about 5% over the past ten years in Bakersfield alone. Think of what it could mean for you. A $300,000 house can be worth $480,000 in ten years; that's money in the bank you didn't even work for.

Tax Benefits & Possible Appreciation

The IRS allows home buyers to write off mortgage interest payments and property taxes. For some families, that's a couple of thousand dollars saved each year! For example, if your interest payment is $12,000/yearly and you're in a 25% tax bracket, you'll save about $3,000 in taxes; that's not bad! With properties appreciating with rising real estate prices as well, your home can yield appreciation long before you sell it.

Stability

When you rent, anything can happen. A landlord can up the rent or decide to sell the house/apartment, making your future uncertain. Stability breeds comfort; with a home, you can make it yours forever without worrying about shifting landscapes every year.

Home Legacy & Pride of Ownership

When you become a homeowner, you have a legacy; your children and grandchildren could one day live there or refer to it fondly as their childhood home. This sense of ownership enhances the community where one lives. Additionally, studies show that homeowners show higher satisfaction rates than renters; having something to call your own makes you feel like you belong.

At Skyler Realty, we know the unique qualities of first-time buyers vs. repeat buyers and investors alike. We're proud to help you find affordable homes in Bakersfield, Delano, Palmdale, and Tehachapi.

Benefits of Preparing to Buy

Less Fear = More Success

Most first-time home buyers have never been through this life experience before, which may seem daunting. Preparing ahead of time can reduce fear levels and ensure success! Knowing you're ready makes all the difference.

What Home Loan Documents Are Needed?

You'll need documents to get pre-approved for your loan; the sooner you have them ready for your realtor and lender, the better:

• Income Taxes (Last 2 Years)

• Pay Stubs (Last 2 Months)

• Bank Statements (Last 2 Months)

• ID: Driver's License/Social Security Card

• Retirement Account Statements (If Applicable)

• Employer Contact Information: HR Rep (They may need to call to confirm employment)

  
  

The more documents you have in advance, the quicker things will go when you find your new dream home!

What's Next?

Find Your Realtor

Finding a quality agent is essential for your home-buying experience. At Skyler Realty, we pride ourselves on our local knowledge and clientele devotion. Your needs will become ours for a market journey to successful completion.

Determine Your Budget

More than just buying costs come into play regarding budgets—property taxes (1.25% average for homes), homeowners insurance, and monthly maintenance must all be considered before jumping into searching. Please consult a financial planner to determine what works best for you; if it seems too high now based on lenders' quotes later on in the process or your pre-approval amount, then it's best to start saving now before finding your dream home.

Explore Neighborhoods

Numerous neighborhoods exist in Bakersfield and surrounding areas. Explore them! Determine schools nearby, parks/recreation options available, shopping needs, and commutes to work—do these communities have what you're looking for? Seven Oaks is great for families; Downtown Bakersfield is vibrant for nightlife and commercial opportunities.

Get Pre-Approved for Your Mortgage

Your documents are sorted; finances are set; now it's time for pre-approval! Lenders will review what you're providing and decide how much you're eligible to borrow. Pre-approval saves time determining what price point of homes will work for you. It also legitimizes your offer on your dream home once you've found it!

Common Fears Over Homeownership

Fear Of The Unknown

Many first-time buyers have never been through this process before; therefore, they feel intimidated from start to finish. However, an excellent realtor will make everything feel crystal clear along the way so that you're never left feeling confused about what steps are next.

Fear Of Financial Ruin

Many people are scared they won't be able to keep up with their mortgage payments and will go bankrupt—or worse—lose their homes. However, with proper financial planning in advance through careful budgeting discussions with yourself and those who can help (financial planners) beforehand and then lenders afterwards–you'll have an accurate picture of what's possible versus impossible.

Fear Of Timing The Market Wrongly

Real estate appreciates but can also depreciate overnight due to trends. Even if it seems most homes sell during particular months each year, that doesn't necessarily mean now is not the right time. To avoid loss when buying a property or seeking investment options.

Let's Embrace Your Home Buying Journey!

Buying a new home is exciting but full of overwhelming steps—and opportunities galore! The benefits of owning your own home outweigh any fears or obstacles it might take to get there (the emotional component it's crucial to realize!).

Skyler Realty focuses on taking charge of every part of the process for first-time buyers and seasoned pros alike.

Are you ready to take the next step toward becoming a proud homeowner? Contact Skyler Realty today about homes in Bakersfield, Delano, Palmdale and Tehachapi! Together we can realize your dreams!