3 Reasons Why Now is the Perfect Time for First Home Buyers.
Looking to buy your first home? There's never been a better time to dive in. The stars are aligning with plenty of houses to choose from that make right now a win for newby home buyers.
In this week’s update, I will walk you through three reasons why now is the perfect time for first home buyers to enter the property market and make your homeownership dreams a reality.
1. You're in the Buyer's Seat.
Over recent months, there has been a noticeable rise in the number of properties available on the market.
This uptick in supply provides buyers with more options, allowing you to find a home that truly meets your needs and preferences.
More supply can also lead to more competitive pricing, as sellers are willing to negotiate to close a deal.
This is particularly beneficial for first home buyers who might be working within a tighter budget.
Additionally, the variety of properties available means you have a better chance of finding a home in your desired location and within your price range.
With more choices at your disposal, the process of finding your dream home becomes less stressful and more promising.
2. First Home Loan Scheme.
The First Home Loan Scheme is a government-backed initiative designed to help individuals and families with low to moderate incomes secure a mortgage with a lower deposit requirement.
Under this scheme, you can qualify for a home loan with a deposit as low as 5%.
Borrowers need to have income as a single person of $95,000 or less, and $150,000 as a couple or buyer with dependents.
This makes homeownership more attainable for those who might otherwise struggle to meet traditional lending criteria.
By reducing the initial financial barriers, the First Home Loan Scheme plays an important role in making homeownership a realistic goal for many first home buyers in New Zealand.
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Long-Term Financial Benefits - Building Equity Over Time.
One of the significant long-term financial benefits of homeownership is the opportunity to build equity over time.
When you pay your mortgage, a portion of each payment goes towards reducing your loan balance, effectively increasing your ownership stake in the property.
Unlike paying rent, which offers no return, mortgage payments contribute to your financial future.
As property values in New Zealand have historically appreciated, the equity in your home can grow quite substantially.
This increasing equity can serve as a financial safety net, providing you with valuable options such as borrowing against it for future investments like a rental property or significant expenses like renovations to your home.
Additionally, owning a home can make your expenses predictable - no more rent hikes to deal with.
Over time, building equity not only increases your net worth, but also provides a sense of security and financial freedom.
If you’re keen to get the ball rolling, then feel free to get in touch to explore your options.
Cheers,
Stephen ??021 711 444
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