If you are still leasing a home or apartment, now would be the time to take the leap and venture into home ownership. There are many reasons why it makes sense now more than over to own your own home.
1. Mortgage rates are so low! It’s incredible, just ask your parents what their interest rate was when they bought their first home. You’ll be amazed at the difference. You can get a 30 year fixed rate loan at about 5%. Of course many things will be taken into consideration when the bank decides what rate to give you, but low rates are out there.
2. Real estate is a fantastic investment. Plan to be in it for the long haul unless you are a real estate investor. It is great to have a diversified portfolio and home prices will go back up, they are already showing signs in that direction.
3. There are so many homes on the market right now; you are bound to find a fantastic deal out there. Homes that were possibly out of your price range may be within reach for you.
4. You can get a tax break when you own a home. Mortgage interest and real estate taxes can be deducted from your income taxes, and you can’t do that when you are renting.
5. You can settle into a community and feel like you can finally put down roots. Knowing your neighbors and feeling a sense of pride in what your neighborhood looks like will really give you a sense of belonging. You won’t have that feeling of indifference because you’re just renting.
6. You can call it YOUR home. Paint it how you like, hang whatever you want on the walls, if you have always loved dogs but could never have one before, well now is your chance!
7. Owning a home will force you to save money. You’ll want to save money for your mortgage payment but you will also want to put money into your home rather than go on a shoe shopping spree ( although there may be times when you’ll still do that too). I know I am always looking around my home thinking what my next project will be and how much I’ll need to save for it.
8. You can’t get kicked out by a landlord! You will no longer worry if the landlord decides to up and sell the place he has rented to you
9. You won’t have to worry about your fixed mortgage rate increasing like you worried about your rent increasing. The landlord can determine the rent and just let you know that it will be more putting you in a possibly financial hardship quickly. Your fixed rate will be the same, regardless.
10. I think the best thing about buying your own home is the sense of accomplishment you’ll feel. I know when I signed the papers on my home I had a great feeling of excitement and feeling like I was finally a grown up. Of course it can be a little scary too but I think the benefits out way all of that and in the long run you will have a place to call home.