Kali Cooper
Kali Cooper

First-Time Home Buying

This guide is designed to help you learn how to get the most out of your first home buying opportunity. As Indiana’s largest real estate company, F.C. Tucker has helped thousands of first time home buyers find the perfect fit for them. No one in the Midwest has more experience than we do!

With a little bit of information, this guide can help alleviate some of your concerns with your first home purchase. There’s a lot of information here, so feel free to come back as often as you like!

Why Buy?

When you own your home, you will find a wide range of benefits - from increased stability and security to investment and tax advantages. Most homeowners also find satisfaction and a sense of pride in owning their own home.

According to a recent survey by the National Association of Realtors, almost 70 percent of homeowners stated avoiding rent is an important reason to purchase a home. Since renting offers no equity, no tax benefit, and no protection from regular rent increases, it’s like watching your hard-earned money float away! For example, if you are paying $750 a month for rent and you have a yearly increase of 5 percent, you will be spending $9,000 on your first year of rent and in five years you will have spent almost $50,000 in rent! All of which could have gone toward owning your own home!

Buying a home you can afford is generally a wise financial choice. Here are some of the benefits of owning your own home.

  • Unlike renting, owning a home offers the advantages of increasing equity on your investment.
  • Homeownership also offers significant tax benefits since property taxes and the interest paid on a mortgage are tax deductible.
  • Compared to other alternatives, a home is a relatively stable investment. The value of a home tends to steadily increase in value while other investments can be extremely volatile.
  • Finally, once you own a home and have built up some equity, it is easier to move to a larger home, but you have to start somewhere. Buying a home is a good investment toward your future!

Continue reading about the buying process.