Over the last several years many people have asked if they should buy a house in today’s market. When is a good time to buy a home? Should I Rent vs Own? It is hard for some tenants to make the leap into homeownership. It can be a scary and an exciting time for most 1st Time Homebuyers.
The benefits of owning your home are terrific: from tax deductions to building equity and the plain old pride of owning the place where you live. If you have to pay to live somewhere, why not have that money work for you. For example: if your monthly rent is $1,100 per month you can figure that after 10 years you would have spent $132,000 on housing. Yes, believe it or not that figure is correct. That money is gone and you will not be able to recoup any of it.
In today’s market some buyers can purchase a home with 100% financing with payments at $1,100 (or less) per month. You are still paying the same monthly amount, but now you are putting that money to work for you. Each month you are paying down the principal on your loan, earning a tax right off, and best of all gaining equity in your home. When the real estate market picks up and home values increase each year, your equity continues to build.
Don’t be afraid to buy a home in this market. Actually, now is the best time to buy a house… interest rates are low, housing prices are low and funding is available. So this is a shout out to all those tenants out there, let’s see what you can afford and experience “The American Dream” – homeownership.