Why should you buy a house? Why not rent? Below are 7 Great Reasons to Buy a Home!
Appreciation Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to 15 percent over the next decade, creating continued high demand for housing.
Equity Money you pay for rent is money you’ll never see again. The mortgage payments you pay for the home you purchase let you build equity ownership interest in your home. Why are you helping your landlord own the house you live in. YOU are paying the mortgage not them.
Savings Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax --- how awesome is that?
Predictability Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. Keep in mind property taxes and insurance costs will likely increase.
Freedom The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle. No more white walls and cream carpet.
Stability Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.