Home Ownership Now is the Best Time Ever
The economy is in dire condition right now but there are still many people buying property as you read this article. You might think that they are insane but trust me when I tell you that they are just doing something that make sense to them. Here are at least 10 reasons why buying a property is a good choice in this market.
The interest rate on your mortgage is super low if you buy a house right now. You can literally use someone else’s money to make lots of money in this housing market right now. Of course, you will need perfect credit but those that do are taking advantage as we speak.
The ultra high inventory has created an environment where you can really wait until you find that perfect house. Don’t like that kitchen, wait. Want a bigger bedroom, find another one!
You don’t have to be a tenant forever. With your own house, there are no more increases in your monthly rent and there is for sure spaces for your cars.
If you are renting, chances are that there are no yard. If your wife is like mine, she will want to plant something when she gets that house!
Having mortgage payments and property taxes mean lots of tax deductions. With a house, you can save a lot of money by saving on taxes. You also get a huge refund every year which you can save up to boost your savings.
Capital gains from selling houses are also great for home owners. If you lived in your house for the last 2 years, you won’t have to report a capital gain if you sell your house for up to $250,000 ($500,000 if you and your wife owns it and is filing jointly).
Now onto the American dream. Who doesn’t want that? When you buy, the pride factor should be worth the price alone.
Once you have monthly payments, you will learn to spend less per month in order to live below your means. However, every year, you get a lot of your dollars back through tax savings so it works out to be a great savings plan.
