Quit paying rent - 10 Reasons to buy.
1. Low interest Rates
Interest Rates are at historical lows. This means you can own more for less.
2. Many homes on the market.
Sellers are anxious to sell, thus prices are lower. More homes to choose from.
3. $8,000 Tax Credit.
Uncle Sam is kicking in up to $8,000.00 as a tax rebate when you buy a home.
4. Lower payments.
In many cases your mortgage payment will be less than your rental payment.
5. More Stable Housing Costs
Rent payments can be unpredictable and typically rise each year, but most mortgage payments remain unchanged for the entire loan period. If the taxes go up, the increase is usually gradual. This stable housing cost especially important in times of inflation, when renters lose money and owners make money.
6. Tax Savings
Homeonwers can be eligible for signifigant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments is made up mostly of interest and taxes.
7. Down Payment and Closing Cost Assistance.
There are many programs now available which will help you with the down payment and closing costs. We understand it can be difficult to save up enough to buy a home when you are working hard to keep all your bills paid. If you qualify, many times you can get into a home for $1000 or so.
8. Debt Consolidation
If you need to, you can refinance a mortgage loan to consolidate other debts (an opportunity you don't have if you are renting.) And the interest on this is also tax deductable.
9. Equity
Instead of payments disapearing into someone elses pocket, home owners are building equity in their own home. This is often one of a person's biggest investment assests. Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advanatge of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.
10. It is Yours!
When you own a home you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you.