Top Ten Reasons To Buy A Home Now
#10. It Costs LESS Than Renting: At $800 per month, with the average
6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.
#9. Tax Deduction: You can save a substantial amount on your federal income taxes by taking advantage of mortgage interest and property tax deductions.
#8. Tax Exemption: When you sell, up to $500,000 per married couple or $250,000 per individual of capital gains on your primary residence are exempt from federal income tax.
#7. Leverage Your Money: If you wanted to buy $250,000 worth of stocks, you would need $250,000 cash. But you can buy a $250,000 house for as little as 3.5% – 5% of that amount.
#6. Build Equity In A Major Asset: Because their monthly housing payments work to pay down debt and build equity, homeowners enjoy an average net worth of $184,000, as opposed to just $4,000 for renters.
#5. Appreciation Potential: Over time, homes have historically increased in value at a rate of 4% per year. And you get to use your home while its building value.
#4. Historically Low Interest Rates: Mortgage rates are the lowest they’ve ever been. EVER.
#3. Homes Are Affordable: Home prices in our area are about the lowest they’ve been in a decade. Combined with the uber-low interest rates, low prices make your monthly mortgage payment lower as a percentage of your income.
#2. Pride Of Homeownership: It’s still the American Dream, and having a home of your own puts you in control and allows you to shape your environment. You can decorate it, landscape it and make it a personal haven that you can share with others, because its yours.
#1. Quality Of Life: Traditionally, homeowners enjoy a better quality of life overall than non-homeowners. There is stability and you are a part of a community that will provide benefits to you and your loved ones that cannot be measured.