There is absolutely no better time to buy a home. Your monthly payment could be lower than your rent payment. Your monthly payment goes to YOUR benefit and not the landlord's benefit. You are paying off the landlords' mortgage so why not pay off your mortgage instead?
Owning your own piece of Real Estate is a forced savings account. Just think.. you can make any and all changes to the house as you wish without permission. You don't have to worry about something breaking and then lose your deposit.
You won't have to keep moving because the landlord didn't make the payments and the house is going into foreclosure without your knowledge. A good deal these days is finding a home you love and payments that you can afford!
The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.
Here are five of them:
· Be your own landlord. The bank can only kick you out if you don't pay; a landlord can be much less dependable - deciding to sell the property or choosing to live there themselves.
· Paying the principal is forced savings. Yes, it's possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.
· Fixed-rate mortgages never rise - and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned - not rented.
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