Tired of Renting
The Love of Renting gets real Old when you Realize that you keep paying for something that isn’t yours. The wear on the Moral is added to when you can’t paint, the landlord won’t let you have a family pet, or the cost to have the pet with extra deposits gets out of hand.
Investment/ Tax Advantage
For many people, When you buy a house you get to write off the Interest and Property Taxes that you paid to offset what you have already paid in for the year. A lot of people see this back in the form of a larger Tax Return. They do this by Itemizing their deductions other than taking the standard deduction. Ask your accountant if this would be a benefit for you.
Interest Rates are still low
Of course using cash to buy a house is always the best way to go, but the reality is, most people don’t have the cash to buy. Interest rates are still historically low with small down payments to get into a home. Most people are surprised when they find out how much it actually is.
Need More Space for the Family
As a Family grows or even decreases the needs of the families living situations change also. Families that are welcoming a new member might need to say goodbye to their rental home for a more permanent and stable home for the new one. Others have their last one leaving home and might see a need to downgrade their space.
Low Down Payments
Homes use to require a lot more money to purchase then they are now. Veterans can get in a home with literally no money down. Other programs start at 3.5% down and go from there. The barrier of entry to get in a home is a lot less than when our parents were buying 30 years ago