Are you struggling with the decision to buy or rent a home? This may be the best time to make the infamous “American Dream” of owning a home come true for your family. The following are 10 reasons why you should by a home in 2012.
1. Interest Rates. Interest rates for a 30 year fixed mortgage are at historically low levels. The rates are brought down to stimulate the economy and these rates directly affect the housing market. Once the economy improves the interest rates will rise and you may lose out on a chance to purchase your dream home.
2. Affordability. Right now prices are still affordable and you can purchase the home you always dreamed of for a deep discount. These prices will not last forever so you must act quickly and buy now.
3. Rent. Rent prices are increasing and with low interest rates available it is now cheaper to buy than rent. It has been forecasted that rents will continue to rise steadily for the next couple of years.
4. Inventory. With Inventory becoming limited in some regions you will start to see home prices rising and some of the best deals will disappear. This is your last chance to get the deal of a lifetime and set roots down in a dream location.
5. Deduct Interest. There are numerous tax advantages to owning your home and a major one is being able to write of the interest.
6. Freedom to make changes. There is nothing worse than renting a home and not being able to update or make changes to a house to fit your family’s needs. If you owned the property you could invest in updates that would improve your house’s value and benefit your family at the same time.
7. Cannot be told to leave. If your landlord decides to sell the house or goes into foreclosure then you must vacate the property. However, if you own the property you control what happens and that can give you peace of mind.
8. Fixed Mortgage. Fixed mortgage cannot increase but your rent can and probably will every year.
9. Home Appreciation. If you purchase in the current market when prices are low you can almost assure that your home will appreciate in the next 5 to 7 years.
10.Home Ownership. The satisfaction and freedom of owning your own home is a priceless benefit and is part of the “American Dream”.