Top 10 Reasons You Should Purchase A Home Right Now In Texas
Homeownership is something that has always been seen as one of the most important milestones for reaching adulthood. It is also coined as the cornerstone of the “American Dream.” Unfortunately, the 2008 recession resulted in an unprecedented number of home foreclosures. During this period of time, over 3 million Americans were forced out of their homes in foreclosures which represented an 81% increase from the previous year and a whopping 225% increase from 2006. Because of the post-recession economic climate along with other factors, younger Americans have found it much more difficult to become first-time home buyers. However, despite the drastic delay, a lot of Millennials still value homeownership and view it as the superior option over renting.
1. House Prices Typically Rise Over Time Which Makes It A Solid Investment
At this point, we are around 4 to 5 years removed from the biggest housing bust in history. Prices have since come down drastically ranging anywhere from a 20 to 50% decrease in various areas from their peak levels. Whereas, home prices in the United States have risen 3 to 6% per year for the past 20 years and that trend is only expected to continue. Therefore, if you purchase a home right now, you are securing your investment in something that has been and will likely continue to be a very safe investment that you will see appreciation with.
2. You Will Pay Less Tax
You will be able to deduct the interest that you end up paying on your mortgage when you are filing your taxes. This is due to its ability to decrease your taxable income. Therefore, new homeowners that have home loans will be able to get the largest benefit. The newer your mortgage, the higher the interest payments you will be making which can help provide you with significant tax breaks. Because real estate taxes are deductible, you will be able to experience great benefits as a homeowner which can make owning a home cost less than renting one.
3. Sell Your Home Whenever You Want
You aren’t locked into your homeownership. You can sell your home and avoid paying capital gains tax. After selling your current home, you can always upgrade to a larger one.
4. You Have Your Own Home
You will be able to own your home and do with it as you please. When you are renting, you have to live by the landlord’s rules. When you own your home, you will be able to paint it, punch holes n the walls, and make other changes that would be impossible if you are renting.
5. Low-Interest Rates
Because of the current market, the interest rates are low which means you can acquire a home loan for a bargain. In some areas, you might even find a mortgage is cheaper than what you would pay in rent.
6. Peace Of Mind
When you own your home, you will have peace of mind knowing that you will have a fixed cost that isn’t going to suddenly rise. When you are paying rent, you never know when your landlord is going to significantly spike your rent or decide that you cannot rent from them anymore for whatever reason.
7. Forced Savings
By putting your money into your home, you will be forcing yourself to save money as you will be paying your mortgage each month which will go to the principal of the loan. It is essentially a forced savings plan and it can be extremely useful to consider when you are ready for retirement.
Being able to own your home can really give you a sense of pride.
As a renter, you have pet restrictions. As a homeowner, you will be able to house any pet you want.
10. Buyer’s Market
You won’t have to settle for anything. It is a buyer’s market that puts the negotiation in your favor. Therefore, you can find the house of your dreams.