One of the most basic ways to increase your personal wealth has always been owning your own home. The equity that you accrue can be utilized to make investments, purchase additional properties, and secure your financial future. If you do it right. It takes some careful planning and a bit of research, but proper planning can make you a tidy profit in the long run.
When renting a home it is hard to accumulate wealth as you are consistently paying rent to someone else. Essentially you are increasing the landlord's equity and worth. Why not change places and put yourself in the position to gain some equity and make some money while you are at it? Essentially it comes down to the down payment.
Do you have the ability to make one? In today's market there are any number of mortgage companies that are custom tailoring mortgage packages to first time buyers. Many of them require little or no down payment. Putting yourself on the property ladder makes good sense. It is an investment in your future.
Don't be afraid to investigate your mortgage options. Make sure that when searching you have each offer scrutinized for clauses and other aspects that may not be favorable to the borrower. There are many fine mortgage lenders out there, but like any business; there are those who would take advantage of prospective buyers. Be wary of deals that seem too sweet. If you have doubts about a certain offer, ask someone in the know about the terms you have been offered. This could be your realtor, a real estate lawyer or other professional with reason to know about these things. If you have spent years renting and are tired of dealing with landlords, maybe it's time to become one!
