Most Important Home You Ever Purchase Is Your First Home - Just Do It!
by Dan Wolf
on Friday, October 5th, 2012 at 12:49pm.
The most important home purchase you ever make is the very first home you buy in Anchorage!
For most people, the path of home-ownership is a series (more than one) of exciting life-enhancing steps starting with the very first home or condo you purchase, and working your way towards a dream home over time.
It would be very unusual for a first-time buyer to imagine they will retire in the first home they buy. Wouldn't that put you under a lot of pressure if we thought the first home you purchased would have to last "for the rest of your life?" I guess it could happen, but it would certainly be unusual for the average American and certanly Alaska-folks!
I would guess maybe 40 percent of us get to a stage in their life where they considering having a second home, condo or cabin, they can get away to; or maybe a retirement home; but that is a long ways the down the road from your first home purchase.
Most Americans envision themselves living in their "own home" when they retire. And when I say "living in their own home", I mean a home that is paid for, which is the least expensive way we can to live - having only taxes, insurance and utilities to pay. It may take the better part of 30 years to actually get a home paid for, but it can be done if you are persisntant and have a goal. I know this would seem like a massive undertaking when you are just starting out, but like eating an elephant, it's done one bite at a time.
That's why your first-time purchase is a critical step down the path to the rest of your financial life. You have to start somewhere!
For most of us our first home is a modest property, but its ours! It's a place to start, - and a purchase we will always remember - just like we fondly remember the first car we ever bought and the good times we had in it! Many first-time home buyers buy a property which needs some maintenance or cosmetic upgrading - in order to get a better deal and gain some "sweat-equity". We start out small and hope to get a little better place the next time we move.
A home- buyer strategy such as this will work in a buyers favor in today's real estate market. Mortgage rates remain low in the 3.5% - 4% range for 30 year mortgages. For perspective, when I got into real estate back in the early 1980's, interest rates under 10% were considered good. Not even our parents had interest rates like we are seeing them right now! Homes prices are at bargain levels in Anchorage because there has been very little appreciation in the last six years, but it won't stay like that as the population of Alaska grows and the cost of construction increases.
Anyone who purchases now will reap tangible financial benefits for years to come. We understand that the first home purchase is the most important one and the first step to your successful life of home ownership! Call or email to visit with us about your first step towards home ownership!