There are a lot of pros and cons of both renting and home ownership. But, if you’ve been considering buying a home, now is the time to do it for these reasons!
Buying Is Still a Good Investment
Historically, buying a home has always been one of the best investments you can make – and that hasn’t changed a bit. Why waste money on rent when you could own your very own home? Choose the area wisely and you can always sell at a big profit later, or rent it and live off of the rent. Even if your home purchase doesn’t end up rising in value, it will still be your home. Calculate how much you’d spend on rent without having anything to show for it!
Interest Rates Won’t Stay Low Forever
The interest rates are in your favor right now for buying a home. The average for 30 year mortgages is 3.91%, compared to 6% now that long ago. These low interest rates aren’t going to last forever, so act now if you can.
Rent Rates Are Increasing
Even though mortgage interest rates have dropped, along with home costs, the price of rent is steadily increasing. How much longer can you afford to pay high rent?
You Can Deduct the Mortgage Interest on Your Taxes
America favors home owners, and this extends to taxes as well. You can deduct interest from your mortgage on your taxes, so long as you itemize it. And there may be other tax benefits too, like deductions for your insurance and property taxes.