Why are You Considering Buying in 2024?

Maybe you want a home with your dream yard and the freedom to remodel according to your lifestyle. Maybe you want to put down roots somewhere to provide stability for your family. Or maybe you want a place to create memories. From family gatherings and celebrations to everyday routines, owning a home allows you to create and cherish life’s moments in a space that’s uniquely yours. Still, you might be hesitating over the financial aspect of your dream. Home ownership may be more attainable than you think! Here are four homeowner benefits and strategies for 2024.

Buying is a Long-term Investment

Buying a home is a long-term investment. While higher interest rates may impact short-term affordability, real estate consistently appreciates over time. As with any investment, there are a variety of unknown variables. There is no guarantee that interest rates will drop lower than they are currently. Meanwhile, rent increases and refinancing opportunities could put buyers in a better position during the coming years. Home ownership keeps you free from the whims of landlords and fluctuating rental markets.

Financial Perks in 2024

Buyers currently have access to discounts and aid that may not be available in the future. Many states have programs to help first-time homebuyers, such as Utah’s First-Time Buyer Assistance program, which offers $20,000 for first-time buyers to put towards their down payment. Builders are also offering benefits to alleviate financial stress, such as Visionary Homes’ “Splash Into Summer” discount, which offers design credit and 5.99% rate buydowns in select communities. To see a list of communities included in this offer, click the Splash Into Summer link.

You’re in a Good Place to Buy

Market conditions in modern times don’t affect you as much if you have some financial factors in your favor. For example, if you have a good credit score, you may be able to secure a better interest rate or loan terms, even in a high-rate environment. As another example, buyers with a large down payment may not have a long loan duration or pay as much interest. But what if your budget is tight and you don’t have that luxury? That’s where creative solutions come in.

Creative Routes to Home Ownership

Just because you don’t have an amazing credit score or a large down payment, that doesn’t mean buying isn’t an option! One available route is co-buying. In co-buying, you enter into a home purchase with family, friends, or investors to jointly own a property. This strategy reduces individual financial burdens and provides access to better properties. Another increasingly popular option is known as “house hacking.” This is where buyers rent out a portion of their space in order to offset mortgage payments and make the property more affordable. These are just a couple of the many cost-reducing routes available to you.

Is Buying Right for Me?

This is a nuanced question that depends on your lifestyle, goals, and financial situation. Talk to one of our New Home Specialists to get personalized, expert advice and find the best strategies for you specifically.