If ever there was a time for renters to consider buying their own home
and stop wasting money on rent, now is certainly the time. This is
because there are numerous advantages available to home buyers in the
current market, especially first-time home buyers.
While it is true that mortgages are somewhat more difficult to come by
than they have been in the past, this does not mean that they are
completely impossible to obtain. Buyers who have taken the time to
ensure they have strong credit and have saved for a down payment can
still qualify for a mortgage loan.
Below are just a few of the reasons why now is the best time to make the
move from renting to buying:
Lower interest rates - Currently interest rates are lower than
they have been in some time. If you are thinking of buying a home, now
is certainly the time to do so in order to make sure you lock in those
great low rates.
More choices - he inventory of available homes on the market is
larger than it has been in years. This means that buyers have far more
homes to choose from than they would have in the last couple of years.
Begin to build home equity - When you rent a home, all of the
money you pay in rent goes to your landlord. It does not allow you to
accumulate any type of asset for yourself. When you buy a home; however,
the money that you pay for the mortgage payment actually goes toward
something that is tangible and belongs to you.
Tax savings - Renting a home does not provide you with any
opportunities to save on your taxes; however, owning a home certainly
does. The interest you pay on your mortgage payment every month is tax
More freedom - If you rent an apartment, you already understand
the degree to which your freedom and flexibility is restricted. Not only
are you probably not allowed to enjoy the opportunity to grill outdoors
due to fire codes, but there are probably a host of other restrictions
that are imposed as well. When you own a home instead of rent, your home
is really your castle. If you feel like having a backyard BBQ, you have
the freedom to do that. If you want to plant flowers along the walkway,
you can do that too. Home ownership provides a tremendous amount of
freedom, flexibility and privacy.
More decorating choices - Are you tired of the blah way in which
your current rental home is decorated? Are the walls a boring beige or
white? When you own a home rather than rent, you have the power to
decide how you want to decorate it. If fire engine red walls are what
really speaks to you, you can paint to your heart's content whenever you
feel like it.
The ability to negotiate on terms and price - Due to the large
number of homes on the market, sellers are far more willing to negotiate
in terms of price as well as many other concessions. Some sellers are
even willing to pay a portion of the buyer's closing costs; a real boon
to first-time home buyers.
More Space - You may very well find that in today's market you
are able to afford a larger home for the same amount of money or even
less money than you are currently paying every month in rent. If you
dream of having a home office, starting a family soon or expanding your
family, now could be the best time to get the additional space that you
need for the right amount of money.
Develop community ties - Living in an apartment it can often be
difficult to take a vested interest in your community or even to get
close to your neighbors. This is not the case; however, when you live in
a neighborhood of homeowners. By owning a home you may find the
opportunity to become involved in community affairs, develop strong
friendships with neighbors and enjoy such advantages as block parties.
Maybe no money down - Financing restrictions have tightening in
the last few months; however, that does not mean that all of the 100%
financing programs have been completely banished. It you have good
credit and do not wait, it is quite possible that you may still be able
to take advantage of this type of program. This could allow you to
purchase a home for no money down.