The economy is in dire condition right now but there are still many people buying property as you read this article. You might think that they are insane but trust me when I tell you that they are just doing something that make sense to them. Here are at least 10 reasons why buying a property is a good choice in this market.
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
The ultra high inventory has created an environment where you can really wait until you find that perfect house. Don't like that kitchen, wait. Want a bigger bedroom, find another one!
When you buy a place, you no longer have to deal with your landlord! Rent increases are a thing of the past, not to mention that there are no parking problems!
Having a yard where you own is great because you can have your own vegetable garden. I know people that actually sell their crops to make money.
Tax deductions are probably one of the major benefit of owning a house. Whether it's property taxes or the interest on the mortgage payment, it can be used to deduct taxes.
Capital gains from selling houses are also great for home owners. If you lived in your house for the last 2 years, you won't have to report a capital gain if you sell your house for up to $250,000 ($500,000 if you and your wife owns it and is filing jointly).
Now onto the American dream. Who doesn't want that? When you buy, the pride factor should be worth the price alone.
Monthly payments will be big but that means you will learn to spend less. This is an automatic savings program because you will get a huge tax refund, in which case you can save it all up.
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
The ultra high inventory has created an environment where you can really wait until you find that perfect house. Don't like that kitchen, wait. Want a bigger bedroom, find another one!
When you buy a place, you no longer have to deal with your landlord! Rent increases are a thing of the past, not to mention that there are no parking problems!
Having a yard where you own is great because you can have your own vegetable garden. I know people that actually sell their crops to make money.
Tax deductions are probably one of the major benefit of owning a house. Whether it's property taxes or the interest on the mortgage payment, it can be used to deduct taxes.
Capital gains from selling houses are also great for home owners. If you lived in your house for the last 2 years, you won't have to report a capital gain if you sell your house for up to $250,000 ($500,000 if you and your wife owns it and is filing jointly).
Now onto the American dream. Who doesn't want that? When you buy, the pride factor should be worth the price alone.
Monthly payments will be big but that means you will learn to spend less. This is an automatic savings program because you will get a huge tax refund, in which case you can save it all up.
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