Why You Should Buy a Home Now Instead of Waiting

One of the biggest decisions that a single person or a couple can make is to purchase a home. It is a tremendous investment and a long-term commitment. This leads many to consider waiting until “the time is right.” However, there may not be a better time than right now!

Renting and buying each has benefits and drawbacks that you will need to weigh when making your choice. Your current and projected financial situation is likely the largest factor regarding your ability to purchase a home. If you have a good credit score, a comfortable savings account and secure employment, consider investing in a home rather than continuing to give that money to someone else each month in the form of rent.

As the housing market continues to recover, interest rates everywhere are on the rise. On top of that, the asking price of residential properties in many parts of the country is steadily increasing. This combination is anticipated to create a seller’s market in the foreseeable future. The longer you wait, the more money you will pay long-term and the more difficult it may be to find that ideal property.

One of the most important benefits that you will receive by purchasing now is that you will build equity in your investment. Remember that many experts anticipate a seller’s market in the near future. If you decide at some point down the line to relocate, that seller’s market will work to your advantage. The equity you build will prove far more useful than a good rental history!

If you have never owned your own house before, you may not realize the tremendous tax benefits of home ownership. By itemizing your federal income tax return, you can deduct the money you pay for interest on the mortgage and your state property taxes. This perk offsets some of the costs associated with purchasing a piece of property.

By selecting a fixed-rate mortgage, you can keep the same monthly payments for the term of your loan. Unlike rental prices, which can rise dramatically with little warning, you can rest assured that your mortgage payment remains the same. Property taxes and insurance costs may still go up over time, but these are often easier to budget for than rising rental costs.

You may be able to turn the house into a rental property further down the line. When you and your family are ready for a larger home, you may decide to rent out your first one, rather than selling it outright. Make certain that you will be able to cover all of the expenses associated with the property with the payments, or you will end up operating at a loss. If you decide that this route is the right one for you, consider using a real estate rental agency or professional property management company instead of finding renters yourself.

color your home

While not a financial reason to buy now, the freedom to change your décor is also something to consider if you’re looking at buying. As long as you are living in the home, you have the right to decorate in any manner you wish. Change the paint colors, update the flooring, add granite or remodel your bathroom. The choice is yours and can even add equity to your house. This is a freedom that many apartment dwellers crave but simply aren’t privy to.

Buying a home now makes sense if you can afford it. Some of the advantages are outlined here, and there are many others to consider as well. Discuss your choices with a qualified Realtor and mortgage broker, and you just might find that the keys to your new property are soon in hand.

About the Author

Patrick Rogers runs Asurent Property Management based out of Medford Oregon. If you are needing property management services in that area, you can learn more at <a href=”http://www.medfordpropertymanagement.com/“>MedfordPropertyManagement.com</a>.