The mareket is heating up and now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.
Here are 10 reasons:
- You can get a good deal. Prices are as low as they are going to get for a while. And prices are at a level that makes sense for people’s income.
- Mortgages are cheap. At 3.75% on average for a 30-year fixed-rate mortgage, your costs to own are down.
- You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
- Your money is not wasted on rent. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
- You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
- Home buying offers some inflation protection. Historically, appreciation over time outpaces inflation.
- It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
- It’s forced savings. A part of your payment each month goes to equity.
There are few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, it is important to understand the ground rules for success in the world of buying a home.
Making the wrong decision in buying a home can have devastating and long lasting effects, while making a wise decision in home buying can greatly enhance the overall value of the investment. It is necessary to learn all you can about the world of home buying and mortgages before setting out to purchase the home of your dreams.
While there are plenty of web sites designed to help first time homeowners learn all they can, most financial experts say that there is no substitute for the good old one-on-one learning. Fortunately, Nesbitt Realty can provide this kind of one-on-one learning. [learn more about buying real estate]
For more information or to set up an appointment call Julie at (703)765-0300.