House Buying With Down Payment - Why You Should Make A Down Payment Today
For first-time house buyers, having a down payment is a very good thing. As a buyer, you would want to be sure that your house is worth every cent of your investment. Although there are some downsides to making a down payment, they pale in comparison to the benefits. In this website are the reasons why every first time buyer should consider making a down payment on their house purchase.
First, you get to own the house. This gives you full rights to the house, which means that you can renovate it and do anything you want to it. You get to live in your own home for the first time. While this may sound too good to be true, house buying with down payment is very common for those who have just bought a new house and are still in the process of fixing it up.
Second, you save thousands of dollars. Having a down payment for your house will lower the cost of your house, thus giving you more room to negotiate. This gives you the chance to buy a house with a lower price. If you think you can afford a house without having a down payment, then by all means do so but be prepared to have to compromise on a few things.
Third, you get to live in your house for a longer period of time. Having a down payment for house buying reduces the time you will need to rent out your house. You also get a bigger house to live in, which is always a plus. Having a house in your name is like being a tenant. While not paying rent would not be a problem, you would have to pay taxes and other expenses that will add up over time. Learn more here why having a down payment when buying a house is important: https://www.buyutahhomes.com/utah-home-grants/homechoice/
Fourth, you will be able to avail yourself of various programs that will help you save even more money. Usually, this includes interest rates, loan caps and various fees that you are not going to be able to deal with if you are trying to save on these costs. By having a house in your name, you will not have to deal with these fees. This can save you hundreds of dollars per year and makes house buying a much more financially feasible choice.
Lastly, you are helping to build the American dream - an American dream that everyone wants to have. Many people feel trapped in sub-prime mortgage crisis and feel as though they are destined to stay stuck renting for years to come. Buying your own home can change all of that. It can allow you to live the life you've always dreamed of and helps you save for an even better future. Here is a post with a general information about this topic: https://en.wikipedia.org/wiki/Real_estate.