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The Pursuit of Homeownership and How to make Your Homeownership Dreams a Reality
Thank you Bank of America for sponsoring this post.
I
couldn’t wait to own a place of my own since college and I was obsessed with home makeovers – I could already see myself knocking down walls and designing a home for my lifestyle. I couldn’t wait for the day to come, even though I knew apartment living was probably the best the first few years post college as I moved around to different cities in my young adult life. I knew one day I’d own a place but I wasn’t sure when – it was the late 2000s when my parents, who are experienced landlords in California, encouraged me to buy. My first home ownership was a townhome with no maintenance, a monthly HOA and it was almost 1700 square feet just for me! I remember how I wasn’t sure how much I could afford in monthly payments when it came to figuring out my budget for a home.
Which is why Bank of America’s Community Homeownership Commitment® provides a variety of solutions to help make homeownership affordable and sustainable, including innovative low down payment mortgages, significant down payment and closing cost grants and a wide-range of financial education tools.
I lived in the townhome for about six years before making it a rental property for almost 9 years! But we sold it earlier in 2020 as we got tired of being landlords.
Benefits of homeownership
Owning a home means you can make the place yours – knock down walls, do permanent changes, build a garden – or two! You can plant some trees, you can make your home a place for your family that can also help build a path to long-term wealth. You can find a home with a yard for you or your kids to play as a private sanctuary which we seem to all need right now, or looking for something low-maintenance or no yard if you don’t have time to maintain it (which is why I went with a townhome for my first home purchase).
Did you know one of the reasons people are moving this year is due to needing a larger space, because they are working from home or need a quiet room for virtual schooling? Homebuyers are also looking for home gyms and outdoor spaces so they can work out and have a private area during these times. I learned about these homebuyer wants over the past few months as I’ve been assisting real estate agents in the Phoenix valley with their social media accounts and have learned so much about the current market in Phoenix. In case you didn’t know, many times as home prices increase, people who own see their equity increase as well!
Figuring out what you can afford
I remember looking for a condo in Los Angeles before I moved to Phoenix and I wasn’t sure where to begin and what I could afford! I know how confusing it is, especially as a first time buyer. Bank of America can assist with educational resources and help make the financing process easier to understand so you can decide what the right path is for you to afford and sustain your homeownership dreams. There is online education for first-time homebuyers and innovative solutions including a down payment grant program and America’s Home Grant®. To learn more visit Bank of America’s Community Homeownership Commitment®.
We bought our forever home about 10 years ago now – stuck to our budget. Before I found this house we live in now, there was another house in the neighborhood that fell out of escrow and the buyers wanted a specific amount but I just didn’t want to pay it. I still submitted my price and it wasn’t accepted and I was fine with it because I found the home we live in now and it was a better fit and I paid less.
We’ve really changed a lot around here. From expanding the house an extra 425 square feet to the garage addition and new kitchen garden, and the inside upgrades, we’ve taken the projects slow as we realize how we live and how we entertain.
This summer we looked at another house in our neighborhood that was larger and we thought we could move there, we really considered it for a few minutes. Then we got in the car and counted the bedrooms and it was short a bedroom for us! We needed one more room for an office and so it wasn’t a fit. Square footage is one thing, but rooms are also important when it comes to how comfortable you want to live and what works for your daily life at home.
If you feel ready to see what homes are available in your desired neighborhood, check out the the grants and low down payment loans Bank of America has to offer — these solutions can really help first-time homeowners! Make this the year of homeownership!
Thank you Bank of America for sponsoring this post.
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