|This is not my house, but it is a pretty house. 🙂|
Around this time last year my husband and I purchased our first home and became “first time home buyers”. It was a huge step for two people who moved every six months. We both have what I call ‘nomadic feet’, where we get this itch to jump ship and move on into a new place every half a year or so. When we were given the opportunity by a random bit of bad / good luck (whichever way you see being bought out of a job is), we decided to use it to buy a home and not have to worry about the rising costs of rent.
It took us a long time to decide on a place to go. The idea of finding a place where you will be setting roots for future generations is a little disconcerting when you think about it. On one hand it is beautiful, the idea of making memories that will last forever and your kids will remember that home just as you probably do your grandparents home… then trying to find a place that will be well adjusted in the future becomes a difficult task. My husband and I researched for weeks to find a place close to both our families, near the city, but outside of it enough that we were in a safe neighborhood. You can do research on where the best cities are, here is a list of the Best Places to Raise Your Kids (2012)! The city for our state is Crestwood, MO! It’s on one side of the city and we are on the other! That’s actually where I go to sneak away to the spa.
You also have to understand the responsibilities of Home Ownership. For First Time Home-Buyers it can be a little daunting to learn all of the things that become your responsibility rather than a landlords, but buying a home isn’t just a place for memories – it is also an investment.
There is Mortgage Insurance that allows you as a First Time Home-Buyer to get a cheaper down payment on a home and as a Senior Home-Buyer, to have equity to turn into supplemental retirement funds. It is also something we as young Home-Buyers really need to consider for the future because as we get older there won’t be many options for retirement funds, sadly. You can understand more about how Mortgage Insurance works and the benefits by visiting Genworth’s Homeownership page below.
Understand how you can protect your future and research where the best places to plant your roots are. As many responsibilities and foibles there may be in purchasing a home for the first time, there are so many benefits waiting in the future for those that seek out what was once considered the American Dream.
Article written using Genworth Financial Educational Resources. All opinions are my own. For more information about Life Insurance, you can visit their website.