It is part of the American dream—your own slice of the Earth all to yourself. Home ownership carries a whole host of personal, social, and family advantages. You also are making a big investment, and there are many factors you will need to consider.
It is American Housing Month! Have you reached your housing goal, whether it be buying your dream home, learning how to manage mortgage debt, or even refinancing your home? Across the nation house prices are quickly rising and interest rates remain low. Many are looking for that fundamental piece of knowledge to stay prepared.
In the United States, the homeownership rate has increased to 65% since the 1940s. More than ever, Americans are seeking to reach the valuable goal of owning a home. Despite economic hurdles, they see the long-term investments that follow with owning property. It is important to fully understand the costs of buying a home. The housing market is known to fluctuate, and there are many factors that can influence the value of a home.
Our platform offers courses on how to better prepare financially for what the future may entail. It can be challenging to predict how the housing market will impact the worth of your home. However, it all starts with an understanding of your current and future finances. Your financial situation needs to consider your ability to make monthly payments and other expenses such as fees, insurance, and emergency expenses. Together, all of the costs involved in closing a home purchase can add anywhere from 3% to as much as 10% to the cost of the home, in addition to the actual down payment applied to the purchase.
We know managing your money effectively is important to accomplish your financial goals. Check out some of our courses offered on our platform. Stay tuned this month for our weekly posts that go into detail on what homeownership entails. We will cover common costs involved, how to finance a home, and tax breaks for owning a home.