Home-ownership is an important milestone for any person. The recession took place in 2008, and it led to a record number of the foreclosures. Climate of the post-recession economy has delayed how long it takes for young adults to become homeowners. Even with this delay, most people understand that owning their own home and building equity is better than renting. If you have decided to buy a home, then the following are some reasons why the right time to buy a home is now:
House prices continue to rise
This is the biggest housing bust that has been seen in modern history. Prices went down a long way, around 30 percent to over 50 percent in some areas. However, home prices have started to rise in the past years, and it is expected that the same trend will continue. If you want to buy a home now, then you will be making an investment in a long-term option where it is possible to continue growing.
You are paying less than renting while saving tax money
It is possible to save interest that you are paying on a mortgage on the taxable income. Homeowners who just got their home loans get the highest tax benefits. If you have a new mortgage, you will pay more in interest every month, and this means an even higher tax break. The real estate tax is deductible and it provides enough benefits to homeowners. A homeowner will find out that the costs of owning the home are better compared to renting the home.
Sell the home when you want
You can sell the home and avoid paying the capital gains taxes. When you sell, you may upgrade into a larger home or new area.
The home you buy is yours
You are the one to decide on what to do with the home; you can choose to hang paintings on the wall, paint it in purple, add a black carpet, or add a giant hole in the wall. These are changes that either need landlord permission or are simply impossible if you are renting a home. You do not have to worry about a landlord coming to your house or having the rent increased at the end of a lease. You live in your home as long as you want.
It is forced saving
A part of the payment every month goes towards the principal and it should be taken like a saving plan. You are building equity!
Pride in being an owner
When you own your own home, you will be having a sense of stability and security. You find and choose the right home that fits your needs, without major compromises.
You can choose the pets you want without worrying limitations of the landlords, whether it be avoiding pet rent, additional deposits, breed restrictions, or being told they’re not allowed.