Why own a home? Need some good reasons to buy your own home? Take a look at this short list.
- Prices are still fairly low and so are interest rates. They say prices will increase by at least another 5% in the next year and interest rates may also rise, so get in as early as you can.
- Rent is normally a variable that is only set for a short amount of time and seems to always increase. If you buy your own home and get a fixed rate mortgage, your “rent” will be the same for the life of your mortgage.
- Rather than paying someone else for your place of residence, you are paying yourself with your mortgage payments. You can look at it as a form of savings plan as the equity builds in your home.
- Mortgage interest is still a tax deduction. If you buy soon, you get a double bonus with the low interest rate and being able to use it as a deduction.
- Paying your mortgage on time every month as well as your other bills will help get you a great credit score.
If you are on the fence about buying a home, now is the time to get off that fence and do it while homes are still a great deal!