5 Top Reasons To Buy A HOUSE If you are like a lot of first time homebuyers, you’ve probably been handed a world of wellmeaning advice from friends, family members, and co-workers —even the local newspapers , internet experts, and television have talked about the benefits of buying when the market is low and everyone has an opinion of when that is! So you must be wondering, “Is this really the best time to buy?” 1.
Ownership: It’s not the monetary reason, and maybe it isn’t even the most rational reason, but it definitely is an uplifting emotional experience when you own your own “corner of the world”. You are no longer tied to the rules and decisions of a landlord, whether the rent will be raised or your lease renewed. You now have a home to make memories in with your family and begin building your wealth.
2. Equity: Instead of adding to your landlord’s wealth, your monthly payment will be building your own little nest egg. That in turn will allow you to create a “safety net” for life’s unexpected emergencies as you will be on the path to qualifying for a “home equity line of credit”.
(continued) Over time, homes usually appreciate at or above the rate of inflation. If the inflation rate is only 3%, your $235,000 home will appreciate to $485,000 over the life of the 30 year loan. At 4%, it would be even higher: $649,000! That’s money you’d never “appreciate” if you are paying a landlord!
5. Great Investment: Today’s low interest rates and low sales prices, coupled with motivated sellers makes this a great time to invest in your family’s future. Buying a home today puts you on the path to growing equity, building credit, and creating financial stability. This truly is the best time to buy!
3. Tax Benefits: You’ll be able to deduct mortgage interest and property tax from your annual tax return. This alone can literally save you hundreds of dollars each month! There’s also another bonus: capital gains taxes. If you sell your home in the future, you can receive up to $250,000 as a single person and $500,000 as a married couple in tax free appreciation!
4. Appreciation: When you rent a home, you’re never building equity.
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BONUS: As a first time buyer, you’ll find that your biggest competition are all those real estate “investors”. The professionals know that this is a great time to buy and they are scooping up great deals every day! Now is not the time to wait and let the investors profit at your expense.
Your ALL STARS agent is ready to give you real answers, rent vs. buy analysis, lending options, and the peace of mind that comes from knowing that your decision to buy was based on your own special needs and circumstances.