Buying a home is probably one of the biggest and best investment decisions you will ever make. Most people are still waiting for the ideal time to buy a home. It is important to take into consideration several factors when buying a home. But if you are financially capable, you should buy a home today. Below are some reasons why it is wise to buy a home now.
It’s cheaper to buy than to rent today
First of all, it is cheaper to have your own home than rent a house or an apartment in most US housing markets, including the Houston Real Estate market. Research has shown that even though home prices have risen in recent years, the cost of rent has increased even more. Bigger demand for rentals in the past few years has driven up the cost. Furthermore, rental prices are increasing at a higher rate compared to home prices. This is why it currently makes more financial sense to buy than to rent.
Interest rates are at an all-time low
Additionally, mortgage rates have gone very low. Today, you can get a mortgage at an interest rate of 4.2% over a thirty year period or a 3.2% interest rate over a 15 year period. If you compare these interest rates to those from a few years back, you will realize that there is a big improvement. These reduced interest rates can be attributed to the rise in competition among lenders. Whatever the reason, as a home buyer, you will benefit the most. This is the right time for you to take advantage of the low interest rates and buy your dream home at an affordable cost.
Avoid rising rent prices
As stated earlier, rental prices are rising even more than house prices. Buying a home today will let you avoid the frequent increases in the cost of rental properties. Next year, your rent is likely to cost more than it does today. There is a high chance that you might be receiving the same income, which means that you will have to stretch your budget even more. Owning your home will help you avoid the rising rent prices.
Make the most of your tax deductions
Tax deductions are another major advantage that you can benefit from if you become a homeowner. Most of your home expenses are tax deductible. This will help you make a lot of savings! Buying a home also enhances your investment portfolio. You will even be able to build your credit if you become a homeowner.
Buying a home is a great decision that will change your life for the better, especially if you plan it well. Find out if you can buy a home today and make the decision of your life!
Make sure to take into consideration all these factors when buying a home. In the end, becoming the owner of your dream house will help you save money! If you have any questions regarding the Houston housing market, contact Krueger Real Estate at (713) 364-4003. One of our agents will help answer your questions and find YOUR home!