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Top 10 Reasons why now is the Time to Buy a Home and Stop Renting

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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 deductible.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.



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