Everyone has an image of what they want in their dream home. A chef’s kitchen with all the latest appliances, a closet with space for every outfit, a large backyard for the kids and dogs to run around or views that make you sigh in bliss, you have a vision waiting to come to life when it’s finally your turn to buy a home. Your time may be closer than you think. When searching for your first home, how can you find the perfect place that matches both your dream and your budget? Our team has put together the top 5 tips to finding the place you’ve always wanted, so you can turn those #homegoals into home sweet home.
When it comes to finding the perfect home, potential for customization is key. You want a space that fits your unique lifestyle and meets your specific needs. This is especially true if you are transitioning from being a renter to a homeowner. As a renter, you may have felt limited by the restrictions imposed by your landlord. However, when you become a homeowner, you have the freedom to create the space you've always wanted.
One of the benefits of partnering with Ownify is that we encourage our “Ownis” to make their home a reflection of their unique style. Our first Ownis, Evan and Jen, completely renovated their home in the first 3 months - new bathrooms, new floors, ceilings, wall paint, and more. Saving on the down payment with Ownify helped them create a budget for the improvements they wanted for their family.
We also encourage our Ownis to make improvements to their homes, which can also increase the home’s value. Dreaming about a kitchen renovation? As ownership partners, we want to ensure that any major work done on the home is compliant with local building codes and permitted appropriately, so we’ll require approval for your big plans. The added benefit for you is that any increase in the home's value due to improvements you make is yours to keep when you buy out the remaining equity at the end of the 5-year term. This means that you can feel confident in investing in your space and customizing it to your heart's desire.
When it comes to finding a new home, it can be easy to get fixated on one specific neighborhood. However, restricting yourself to just one area can limit your options and make it harder to find the perfect fit for your lifestyle and budget. That's why we encourage first-time homebuyers to explore different neighborhoods when searching for a new place to call home.
In the Triangle, there are countless neighborhoods to choose from. From the bustling urban centers of Raleigh and Durham to the suburban enclaves of Cary and Apex, there is something for everyone in this vibrant region of North Carolina. You can’t go wrong in the Triangle, with its thriving job market, excellent schools, cultural attractions, and so many more reasons people love calling the Triangle home. Whether you're drawn to the historic homes of downtown Raleigh or the modern amenities around the Research Triangle Park, you're sure to find something that fits your style and budget.
With so many things to consider during the homebuying process, it can be challenging to navigate without the help of a professional. A reliable real estate agent can guide you through the process, help you avoid costly mistakes and negotiate on your behalf. When selecting an agent to partner with, make sure you ask how many first-time buyers they have successfully helped in the last 12 months. Dig into their experience, especially in the price range and local markets you’re interested in.
Ownify actively partners with real estate agents who have experience and a particular passion for working with first-time homebuyers. These agents understand the unique needs of new homeowners, help navigate the complex homebuying process and offer a wealth of knowledge about the local real estate market. Our agent partners also understand the Ownify process, from the down payment requirement to how fractional ownership works for first-time homebuyers.
More Millenials and Gen Zers than ever desire to be homeowners but are afraid they aren’t prepared financially. It's especially important to consider your budget and financing options before you start searching for a home. Make sure you understand budget requirements for upfront costs, such as the down payment and closing costs, as well as monthly payment requirements and ongoing costs of homeownership, including property taxes, homeowners insurance, and maintenance expenses. Then research what homebuying programs or financing options are available in your area to meet your needs. Programs such as down payment assistance can vary by state, city, and even neighborhood, so it's important to research the options available to you.
Buying a home is a big decision. It can be a stressful and competitive process, especially in a fast-moving real estate market like the Triangle. The cash competition in the market is also intense, with cash sales at a 9-year-high across the U.S., making the chances of being noticed slim for first-time homebuyers who don’t have the deep pockets that investors do.
It’s just not feasible for first-time homebuyers to save for large down payments or try to compete with cash offers on their own. That’s where Ownify comes in.
Learn more about how first-time homebuyers can stand out in the competitive Triangle market, and then submit your pre-qualification to see if Ownify is the right option for you.
If you're ready to get pre-qualified then apply now here.
If you would like a quick check on your eligibility for Ownify, use our tool here.