Even with today's economic climate, there are still good reasons to buy a home. Home ownership is still an exciting opportunity for many families. Buying is a long term investment in your future because you are building equity in your house.
Right now, the housing market is a buyer's market. Prices have dropped drastically over the last few years. Now is the time to buy and get a great deal. If you are willing to play some hardball and do some negotiating, you are likely to get an even lower price.
Mortgages are at an all time low right now. In fact, they are the lowest rates on record. The current rate for a mortgage is around 4%. As few as 2 years ago the rate was around 6%. Now is the time to take advantage of these low rates. If you wait, they could drop more, but they could also rise and then you will miss out. If you buy now and the rates drop more, you can most likely refinance and still take advantage of the lower rates.
Many people do not realize it, but you can deduct mortgage interest from your income taxes when you file. The tax breaks that you receive by buying instead of renting may mean that you owe fewer taxes then you would if you continued to rent your home.
When you buy, it is yours and you can do anything that you want to with it. If you want to move the walls, build an addition, add another bathroom, paint it purple, and so on, you can. Some landlords may allow you to paint or remodel the house or apartment that you are renting, however when you move, these changes will only help someone else. When you buy a home, if you invest the time and money into remodeling, that will be an investment that will benefit you in the long run.
In some cities, it is difficult to find a rental home or apartment. Especially in small towns where it seems that everyone wants to live. If you want to ensure that you have the best home in the area, buying is a wise decision. Not only will you have the joy that comes with home ownership, but you will not have to worry about eviction if the owner decides that they want to move back into the house or property.
There are currently millions of homes to choose from. As each day passes, even more houses are being added to the market because banks are handing off their inventory of properties that have not sold or have been foreclosed on.
Eventually the market will clear up and the economy will improve. Once this happens, we are not likely to see these kinds of opportunities again in our lifetime. Since the option to refinance if rates go lower is available for most people, buying now makes more sense than waiting to see if the rates will go lower still. These are some of the reasons to buy a home right now if it is something that you are able to do.
Article source: http://www.appraisalarticles.com/Real-Estate/2887-Some-of-the-Reasons-to-Buy-a-Home.html