Congratulations to you! You just bought your first home. No, we aren’t being sarcastic or trite here. We really want to take a moment and help you celebrate. Here are…
5 Reasons Why You Need to Celebrate Your First Home Purchase
1. You’re Financially Ahead of the Curve
You set a plan in place to buy a home. That meant getting your credit score where it needed to be and saving enough money to put down on the home. Whatever you had to do, you made it happen from paying down credit cards to choosing a less expensive car so you could afford that garage to park it in.
Many people never get out of the dreaming stage of buying a home because they aren’t willing to take a long hard look at their own financial situation to get there. Sometimes what we see isn’t fun or exciting, but you did it for a singular goal: to get into your first home. Bravo!
2. You Survived the Purchase Process
It’s been said that one of the most stressful things a person can do is buy a home. Sure it’s a dream moment like getting married or having a child, but with so many balls in the air during the process, it’s amazing any of us are sane in the end.
Take a moment to appreciate the process and how you overcame it. You qualified for the loan. You dealt with inspectors and reports not always giving you the best news on a dream home you are spending a fortune on. You negotiated various things throughout and didn’t scare the seller out of the deal. That’s a lot of doing in a 30 to 60-day escrow.
3. Equity is Like Saving for a Rainy Day
Even though this is your home, your residence, it is is a savings investment for you developing equity. Equity starts with your down payment and as principal gets paid down and your home appreciates, you get more equity. One day, if needed, you can use some of this equity by taking a home equity line of credit to use for anything you want – maybe that addition needed for your growing family.
Either way, your home is a long-term piggy bank that is your largest investment and often a great means of lifetime savings.
4. Welcome the Housewarming Party
Celebrate the celebration? Yes, because this is the start of many gatherings in your home from Sunday football barbecues to holiday dinners. You now have the location to really truly build lasting memories for you and your family. Sure, home is where the heart is, but there is something so much more heartwarming when you own your home.
Plus housewarming parties usually mean lots of cool gifts that you would never buy for yourself. That right there is worth the whole headache of buying a home.
5. Expert DIY Status Becomes You
Maybe you always dreamed about those DIY projects you see on HGTV. Perhaps you have delved into one or two projects refreshing old furniture. Now you have the canvas to paint, customized closets and maybe even redo that kitchen in an HGTV-worthy way.
What this all really means is you have the ability to make your home completely your own. When you rent, you are always subject to what the landlord will allow you to do. It doesn’t matter how great the ideas are, it’s not your choice. Buying your first home means you have all the control you need to make every room uniquely yours.
Best of all, when you make upgrades, you increase the value of your Los Angeles home. That goes right back into that piggy bank of savings called equity. Keep track of those receipts so you can offset the investment when selling your home.
Congratulations! Enjoy many years here!