In spite of the economic climate that most of the country is dealing with today, there are still a lot of good reasons to buy a home. Regardless to the state of the economy, the prospect of owning their own home is still a dream come true for many people. With the equity that you can build in your home, this is also a long term investment in your future.
Right now, there are thousands, even millions of properties to select from. This list continues to grow as banks look to eliminate properties that are in their possession due to foreclosure or because they simply did not sell.
Interest rates are also historically low. They are currently hovering around 4%. As recent as 2 years ago they were at 6%. You might think that it would be beneficial to wait and see if these rates drop even lower, however by waiting you are taking the chance that they will instead rise. If this happens you will miss out on this opportunity that could be a once in a lifetime opportunity. By buying now you can enjoy the benefit of low rates and if they drop more, you can probably refinance your mortgage loan and be able to still get the lower rates.
Not everyone realizes this, but you can deduct the interest that you are paying on your mortgage from your income taxes. The tax breaks that you will probably get as a homeowner usually greatly outweigh the taxes you will pay as a renter.
Interest rates are also historically low. They are currently hovering around 4%. As recent as 2 years ago they were at 6%. You might think that it would be beneficial to wait and see if these rates drop even lower, however by waiting you are taking the chance that they will instead rise. If this happens you will miss out on this opportunity that could be a once in a lifetime opportunity. By buying now you can enjoy the benefit of low rates and if they drop more, you can probably refinance your mortgage loan and be able to still get the lower rates.
Not everyone realizes this, but you can deduct the interest that you are paying on your mortgage from your income taxes. The tax breaks that you will probably get as a homeowner usually greatly outweigh the taxes you will pay as a renter.
Right now, there are thousands, even millions of properties to select from. This list continues to grow as banks look to eliminate properties that are in their possession due to foreclosure or because they simply did not sell.
This is only a few of the reasons to buy a home right now if you can for example Whitby homes. Eventually the economy will stabilize again and some of these opportunities will be gone. Home ownership can be a very rewarding experience. If you can afford to realize the dream right now, then you should.
