Long called The American Dream, home ownership is a privilege worth pursuing. There are a lot of reasons to choose to buy a home, especially right now:
- OWNERSHIP: Whether you rent or buy, you have to live somewhere, right? Buying your own home gives you pride of ownership, a sense of pride in what you’ve purchased, not to mention the peace of mind of no rent increases.
- LONG-TERM INVESTMENT: If you’re planning to settle down and put down roots in your city, buying a home is usually a smarter financial decision than renting. Think about it: At $1,000/month for 10 years, you will have put $10,000 into your housing, and you’ll have absolutely nothing to show for it. If you buy your home, however, you could have $10,000 in equity. Plus, over time, most properties appreciate in value, giving you even more increased equity.
- TAX BENEFITS: There are consideration tax benefits for owning a home. If you itemize, your mortgage interest is deductible, up to one million dollars. Also, if you have owned your principle residence for at least two of the last five years, when you sell it, you can keep up to $250,000 ($500,000 for a married couple) of the sale price, totally tax free.
- BUYERS’ MARKET: Because we are currently in a buyers’ market, there’s never been a better time to shop around. You’ll have plenty of properties to choose from and, most likely, they will be priced affordably.
- TAX CREDITS: Plus, one of the great perks of buying a home right now is that the government wants to make it easier for you. The current tax credits still provide significant financial savings, up to $8,000 in tax credits for first-time buyers, in addition to possible credits for existing home buyers.
Think you’re ready to take the plunge? Head over to BuyOwner.com to search through available properties!