There are a lot of reasons to buy a home of your own. Many people are still on the fence about buying after the housing market crash. For most people, buying is a good option. Here are a few reasons why:
- Interest rates on mortgages are at record lows – if you want to borrow a lot of money for a home, there is no better time to do it!
- A mortgage is kind of like a savings plan. You pay in every month and when you go to sell years down the road you get your money back out. Granted with the housing crisis this did not pan out but now with the low prices, you won’t be going upside down.
- Home prices are really low, the inventory is dwindling causing some prices to start to rise but the home prices are still quite low.
- You can get some good tax credits and you know what you will be paying to live there for the amount of time your mortgage is locked in – no rent hikes!
- If you like a great credit score, pay your bills on time and your mortgage – mortgages that are paid on time help increase your score.
There are many more reasons to buy a home but these are a few you may not think of right off the bat!