One of the best investments one can make is buying a home. This allows you to build equity rather than paying rent to build someone else’s equity! If you are paying rent towards your current housing and are hesitant to start looking for a home, take a moment to read what’s below.
Rental prices are on the rise. If you’re not quite ready to buy a home, we encourage you to get pre-approved through a lender to see how much home you can afford. You might be surprised how similar a mortgage payment would be to the monthly rent of your apartment or condo.
Interest rates are at an all-time low right now! This is probably one of the best reasons to get out of your rental and into a home. No one knows where the market is heading, but don’t miss out on the opportunity to purchase a home and secure an incredible interest rate!
Prepare yourself for some nice tax breaks if you choose to purchase a home next year! You can potentially write-off anything from closing costs to mortgage interest to points you paid on your home loan. Now those are some great reasons to buy! Keep in mind that you should always consult with an expert in this field when determining tax strategies.
This is probably one of the biggest reasons why people don’t buy a home — the dreaded down payment. Well, you’re in luck because you can buy a home with as little as 3.5% down! And there are some programs out there that will even allow you to put 0% down! Don’t let this facet of buying a home keep you from pursuing your goals!
Start building your own equity! If you’re in your twenties and thirties and feel like retirement is a long ways away, make small steps now towards paying off a mortgage and you will be forever grateful when that day of retirement comes. Rather than putting your money towards the latest cars or expensive clothing, take some of that money and put it towards a house each month and you will reap the benefits one day!
If you are interested in starting a home search today, please give us a call at (405) 474-4774 and we would be happy to help you find your dream home!