Why should you buy a home now? There’s no better time to buy a home than the present. Mortgage rates and real estate prices are continuing to drop. The only thing that’s changing is the credit requirements. You have the best chance of obtaining a low rate for your mortgage if you have good credit, few debts and a 20% down payment. Here are some other reasons to become a homeowner.
Homeowner advantage #1 – You cannot be evicted
Do you ever wonder what your landlord’s financial goals are? If you are renting a house, condo or apartment, your living situation is in the hands of your landlord. If you own your own home, no one can ever evict you. What if your landlord is having financial problems? Or what if she is getting a divorce and need to sell the rental house/condo as part of the divorce settlement? You could be evicted if the house is sold!
Homeowner advantage #2 – Do your laundry in your own house
Some renters might not think too much about the elements surrounding their laundry. However, most apartments and some rental houses don’t have a washing machine and dryer in the unit or house. So you might be walking down the hall, going to the basement to driving or walking to a laundromat to get your weekly washing done. Just think of the extra time you will be gaining each week while doing your laundry in your own house.
Homeowner advantage #3 – IRS tax deductions
How many tax deductions are you able to take each year? If you don’t own a house, you are paying rent to help someone else with mortgage deductions. You can obtain your own tax write-off by simply paying your mortgage. The interest you pay on your mortgage is tax deductible and the first few years you are paying mostly interest anyway.
Homeowner advantage #4 – No rent increases!
Did you ever receive a letter from your landlord? If you are a renter, your landlord usually raises the rent each year. The rise in rental amount can be anywhere from $25 to hundreds of dollars, depending on your metropolitan area.
If you buy a house and take out a fixed 30-year loan, you know that you will pay that same amount each month for the entire time you own that house. The only varying factor to your monthly payments will be the taxes. Your town might raise or lower them every few years.
Homeowner advantage #5 – Create a more stable life for your kids
Each year you live in your house, you are creating roots to your community. Your kids will grow up with the same friends at school and you will eventually know many other people in the town as well.
All of these homeowner advantages help create a sense of security for you and your family. As you can see, the advantages of owning your own home are not just monetary, but emotional as well.