Thinking about buying your first home? Well, it's always good to hear why others took the plunge. A recent survey by PulteGroup asked first-time homebuyers what motivated them to make that big decision. Here's what they found:

““When asked why they purchased their first home recently, the answer was simple: because they wanted to. Either the desire to stop renting or recognition that homeownership is a smart financial investment was the main motivator for 72% of respondents.””

— PulteGroup

So basically, that survey was all about people who've never bought a home before and were looking to buy a brand new one. But honestly, the same idea applies to pretty much anyone who's buying their first home. Let me break it down for you and give you more details about these two advantages of owning a home. Take a look and see if they're important to you too.

When You Buy a Home, You Have More Stability than When You Rent

Are you tired of the never-ending increases in rent? Well, it might be time to consider ditching your rental and exploring other options. As a renter, you know that each time you sign a new lease or renew your current one, there's a chance your monthly payment will go up. Doesn't that make you think twice about the benefits of owning a home instead?

Here's the breakdown, straight from real estate journalist Jeff Ostrowski: When you buy a home with a fixed-rate mortgage, your monthly payment stays the same for the entire duration of the loan. This means you always know exactly how much you'll be paying towards your home every month. That kind of stability can really put your mind at ease, something you can't get when you're renting.

““With a fixed-rate mortgage, your monthly principal and interest payment is set for as long as you keep the loan. Sign a rental lease, however, and you could see your rent rise the following year, the year after that and so on.””

— Jeff Ostrowski, real estate journalist

When You Buy a Home, You Grow Your Wealth as Home Values Climb

Owning a home is not just about having a place to live, it's also a smart long-term investment. Renting might seem cheaper at the moment, but it won't help you build wealth over time. Mark Fleming, the Chief Economist at First American, points out that this is a crucial factor to think about.

““Given current dynamics, more young households may choose to rent in the near term as the cost to own, excluding house price appreciation, has unequivocally increased. Yet, accounting for house price appreciation in that cost of homeownership, whether to rent or buy will depend on where, and if, a home is likely to cost more or less in the near future.””

— First American

When you rent, you're not really making any progress towards owning something. It's like throwing money away. But when you own your own home, that's where the magic happens! As the value of your house goes up over time, so does your net worth. It's like an investment that keeps getting better, and you can't get that kind of perk if you stick to renting.

When you think about it, it could actually be a smarter move to buy a home. A lot of experts are saying that home prices will keep going up at a more typical rate in the next few years. So when you buy a home, you're not just getting a place to live, you're also making a good investment for your financial future.

Bottom Line

If you're up for it, why not consider buying your first home instead of renting? It could be a really clever move. Let's get in touch so I can help you settle into a stable housing payment and begin building wealth for your future.