Now is always the right time to buy a home with Ownify

Are you a first time homebuyer worried about taking the plunge and buying your first home due to all of the risks that can come with it?

Buying your first home might be one of the biggest decisions and purchases you'll ever make in your life,  so it's understandable if you're feeling some apprehension. 

At Ownify, we have reimagined the path to homeownership, taking away the stress and worry that often exists when buying your first home, and simplifying the homeownership journey by removing those unwanted and often costly surprises that emerge along the way. Here’s a bit more about some things to be aware of when buying your first home:

Is now the right time to buy, will mortgage interest rates go up or down in the future?

Mortgage interest rates feel like they are moving up and down every week at the moment, and this has a material impact upon the monthly cost of a mortgage.  Many first time homebuyers are worried about the impact of rising interest rates and this puts off many people from buying their first home, now. 

Making the leap from renting to owning is a long-term financial commitment and as your monthly housing payment will likely rise a little, it is important to ensure you have payment certainty so you can budget ahead.  When you buy your first home with Ownify, your monthly payment remains constant for the initial 5 years of the program, and, as Ownify isn’t linked to mortgage interest rates, the monthly cost to enter the program remains consistent irrespective of when you buy your first home and join the program.

Are house prices going to decline?

Are you concerned about the potential of falling house prices and negative equity? There are lots of questions to consider when looking into purchasing your first home; uncertainty surrounding the housing market can make it difficult to decide if now is the right time.  

When you partner with Ownify to buy your first home, you are protected from negative equity - we call this Evergreen Equity.   With Ownify you are buying your home brick by brick, therefore irrespective of a declining, flat or growing housing appreciation market, your amount of equity is growing each month as you purchase more bricks in your home. Click here to watch a short video explaining how your equity grows with Ownify.

What happens if something needs repairing in the home after I have put all my savings into the mortgage down payment?

When you buy a home with a traditional mortgage, from the day you close on the home, you become responsible for all home repairs both inside and outside the property - from replacing broken windows or appliances, to repairing gutters or fixing the roof. These costs may vary depending on the age of your home, its condition, and any additional features you may have such as an HVAC system. 

When you become a homeowner, it's important to stay on top of your home maintenance tasks and fixing minor issues before they become major problems.  Also, it is essential to budget accordingly, setting aside a portion of your income each month into a savings account specifically dedicated to home repairs.  This additional monthly cost should be factored into your decision making when considering the monthly cost of buying a home with a mortgage.

Ownify has reimagined the way repairs work for our first time homebuyers.  One of the best parts of being a renter is never having to worry about the costs or the hassle of repairing the home you rent.  When you join the Ownify program and become a first time homeowner, Ownify takes care of all the repairs within your home, so you can sleep easy knowing if your roof needs replacing or the HVAC system breaks, Ownify has it covered.  Ownify only partners with local and trusted third parties to undertake the repairs to a high standard.

Renting is fairly simple, I pay one amount and everything is covered, is that how homeownership works?

Many first time homebuyers find it overwhelming having to figure out how to navigate home ownership after they move into their home, often relying on family members for guidance. Once you're settled into your new home, it's essential to familiarize yourself with the property taxes, insurance policies, HOA fees and any other applicable fees related to your home. There is a lot to set-up and remember each month moving forward.

Ownify introduces a simple path to buying your first home.  After you move in you make one monthly fixed payment to Ownify on the 1st of every month.  This one monthly payment covers your occupancy, repairs, taxes, and insurance and buys more bricks every month, building your equity ownership in the home!  The only things you need to organize are utilities and Internet service. Everything else is taken care of.

In summary, the Ownify program is designed to support more first time homebuyers to buy their first home now, rather than putting off the purchase, due to concerns or potential risks that are present when buying a home a traditional way through borrowing a large some of money from the bank, in the form of a mortgage.  Ownify has reimagined the path to homeownership, creating a program that presents no surprises to the first time home buyer, ensuring that now is always the right time to buy your first home with Ownify!

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.