Buying a home for the first time is something that everyone looks forward to. Homeownership is a major part of achieving the American Dream, and unlike popular belief these days, it is well within reach thanks to NHC.. We’re committed to helping everyone find a spacious home that they can actually afford to own. In the same way you want to find the best possible car at the dealer lot, you don’t want to purchase just any home. Factors such as location, price, quality, and nearby schools can all play a big role in determining where you end up. So, what are the pros of buying an NHC house? When should you buy a house? Are new construction homes better than renting? In this blog, we’ll be breaking it all down—including why NHC homes, which start as low as the $100s, can give you the best bang for your buck in today’s housing market.

The Pros of Buying a House

To say there is more than one good reason to buy a house—even in today’s crazy market—would probably be an understatement on our part. Owning a home means a lot more than a roof over your head—and there are many pros to buying a house. It all starts with the chance to build generational wealth for you and your family.

Immediate Equity

What do we mean by this? When you rent a home or apartment, you pay a landlord to stay. In other words, you may be paying someone else’s mortgage without any ownership stake in the place you live. A pro of buying an NHC house, however, is that you can realistically afford to become the landlord. We offer the lowest price per square foot on the market, allowing you and your family to find a home that has plenty of space at a fraction of the cost.

Every mortgage payment you make on your home brings you one step closer to generational wealth. Plus, if the value of your home increases by $50,000 by the time you’re ready to sell, for example, that’s pure profit that could make it back to your bank account.

Stability and Security

Another pro of buying a house is that it gives you a true permanent residence. This gives your family a chance to establish themselves in your community, make new friends, and even offer your kids a more consistent social setting.

Renting can go south at any moment, including yearly rent increases, eviction, or even landlords falling behind on their mortgage. So, why worry about that when you can get an affordable home from NHC? We are dedicated to providing affordable housing to all, building communities and creating a place where you can call home. When you own the home, forget about having to deal with another party to make sure you’re not kicked out. Sounds more relaxed, right?

Freedom

This is America after all. Who can say no to more freedom? Compared to renting, one pro of buying a house is that it gives you complete autonomy over decision-making. Let’s say you want to add a pool or turn your basement level into a game room. Do you think a landlord would say yes to either? Probably not. When the property is yours, however, you get to build the home of your dreams.

At NHC, we offer new construction homes across multiple states that have room for the whole family. Click the link below to see how you could be living large for the lowest price per square foot on the market.

More is Less. No B.S.

Explore Floor Plans  

Tax Benefits

We wish there was a way to make tax season more enjoyable. Oh, wait, one of the pros to buying a house is that it could help you earn more back from the federal government? Where do we sign?! Things like interest on your mortgage payments, property taxes, and even expenses for a home office could be deducted from your final tax bill. On top of this, a certain amount of capital gains on your home may also be tax-free when you sell. Married couples could exclude up to $500,000 in capital gains on their property, according to the IRS.

Increasing Home Values

Historically, a big pro of buying a house is that homeowners tend to see a sizable return on their homes when it comes time to sell. In fact, since just 2019, home prices have surged by over 50%, according to the Washington Post. While this is due to a number of factors, including the global pandemic, a 5.8% increase last year might signal a return to a more steady housing market rise. As a result, NHC’s low home prices can make it easier for you and your family to establish yourselves in the housing market and build generational wealth.

Now, although NHC is here to help make the homebuying process as stress-free as possible, there are some things to keep in mind when buying a home.

The Potential Challenges of Buying a Home

So, we know the benefits of buying a home, but what are some of the potential road bumps? While there are many pros to buying a house, the process may not be seamless. With this said, however, owning is almost always worth it in the long term—especially when you can find an NHC home that fits your family and your budget.

The Pricetag

We probably don’t have to tell you that purchasing a home isn’t cheap. Because home values have surged since the pandemic, first-time buyers may find it trickier than ever to find a starter home that they can truly afford. That’s where we come in, though.

At NHC, we offer new construction homes at the LOWEST price per square foot on the market. We also cover closing costs on every home sale to help save you money upfront. Additionally, when you finance with our partner, NHC Mortgage, your new home deposit will be UNDER $100.

Market Risks

We wish we could say the home market will always act the same. That would be one incredible pro of buying a house if true. The reality, however, is that the market is often volatile, especially when it comes to factors like interest rates. There is a saying in the real estate world: “Marry the home, date the rate.” At NHC, you’ll have close access to a loan officer who can help you refinance your loan and lower your payments when rates inevitably drop.

It’s a Long-Term Financial Commitment

Buying a home is not a short-term investment. Between your mortgage payments and potential maintenance costs, it’s important to find a place that you’ll truly want to call home. That’s why NHC is here to help you find a home at a price you can afford with flexible financing options to help you cover the costs.

Plus, everything in our homes is newly constructed! We even offer warranty plans to help you in case anything goes wrong while you’re making mortgage payments.

Key Considerations to Make Before Buying

Alright, now that we know the pros and cons to buying a home, let’s discuss what you should consider before applying for a mortgage.

What Does the Current Market Look Like?

Moving can be a really exciting process, especially if you’re going to a new town or city. Now, some places such as California or New York may be unaffordable for a first-time homebuyer, but NHC’s communities are located in great metro areas from Texas to North Carolina. Currently, the five best cities for young professionals are Atlanta, Boulder, Austin, Raleigh, and Minneapolis—two of which we have available homes in!

Assess What You Can Afford

If you can’t afford a $500,000 house, don’t buy a $500,000 house. Remember, one of the potential pros of buying a house is that the value may rise over time. So, if you purchase a newly constructed, $250,000 NHC house, you never know what the final value may be once you’re ready to sell it. Consider as well which type of loan you want. Do you want a fixed-rate mortgage? Do you qualify for an FHA loan? These are just a couple of the questions to consider.

To learn more about how we’re making the home buying and financing process easy, check out our Financing Page.

Understand Your Credit Score

Finally, it’s important to analyze your credit score to get a better idea of what loans—and ultimately, homes—you could qualify for. A higher credit score typically allows you to qualify for lower interest rates, which can save you thousands of dollars over the life of the mortgage. It also affects the amount of down payment required and the types of loans available to you.

Many companies such as Experian offer free tools for calculating your credit score and the types of loans you may qualify for. If your score is not as high as you’d like, don’t worry! At NHC, we’ll help you find the right financing when you purchase your new home. Plus, we almost forgot to mention that another pro of buying a house is that it could raise your credit score significantly in the long term as you pay your mortgage.

When Should You Buy a House?

The short answer is 20 years ago. Now, unless we invent time travel, that isn’t possible, so what’s the next best option? We’d say to enjoy the pros of buying a house, start today! There are several important factors to consider when deciding if now is the right time for you and your family:

1. Economic Factors

As we’ve discussed, today’s market might be a little intimidating for first-time buyers. If you think you need more time to let interest rates fall or home prices cool, that is nothing to be disappointed about. Remember, though, “Marry the home, date the rate.” Our low home prices and flexible financing options are here to help you get your piece of the American Dream without breaking the bank.

2. Personal Circumstances

It is also important to assess whether you’re ready for homeownership. It would be hard to appreciate the benefits of buying a house if it feels more stressful than exciting. To avoid this, analyze your current career path, family needs, and financial goals to see if owning a home makes sense for you right now.

3. Geographic Considerations

Would you want to buy a home where you currently live? Would you want to move to a new city? A new state? The prices for starter homes will vary significantly depending on where you end up. Explore our available home options to see where we’re putting affordable homeownership back on the map.

4. Citizenship Status

Are you a full-time U.S. citizen? If not, don’t worry, you will still be able to buy a home. While it may be easier for a full-time citizen to purchase a home, immigrants can purchase property across the U.S. at any time!

5. Qualification for First-Time Buyer Programs

Many long-term renters may think that owning a home is simply out of reach. One of the pros of buying a house for the first time, though, is the possibility of receiving grants and other forms of financial help, especially in states where NHC builds like Texas.

NHC: America’s Affordable Builders

So, how are we feeling? Do the pros of buying a house outweigh the challenges? Have you found more than one good reason to buy a house? At NHC, we offer new construction homes across Texas, Alabama, Florida, and North Carolina. The best part? Let’s just say our price tags look like they’ve gone back in time. Ready to get the space you and your family deserve at a price that you can truly afford? Explore our available homes today to see how you’ll be living large for a lot less $$$. You can also contact us to receive more information on our building process, communities, or pricing.

FAQs

What are the benefits of owning a home?
There are many pros to buying a house, including immediate equity in your property, more control over the property, and space for you and the whole family.

What are the top three reasons to buy a home?
While this may vary depending on your needs and goals, there’s more than one good reason to buy a house. Pros of buying a house include freedom, stability and security, and potential tax breaks.

At what age should you buy a house?
As early as financially possible. The younger you start paying off your mortgage, the sooner you’ll be able to build generational wealth for you and your family.

Is homeownership actually worth it?
Yes. Owning a home is one of the pillars of the American Dream. While it may not be easy at times, there are many pros to buying a house.