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Last week, I wrote an article entitled “4 Reasons Not To Buy a House.” Sometimes, renting really is better than buying, but today I would like to look at the opposite end of the spectrum – 10 Reasons to Buy a House:
1. You’re paying for housing whether or not your rent or buy: Wouldn’t you rather be putting money towards an asset rather than something you cannot take with you.
2. Tax benefits : Any interest you pay on your mortgage reduces your taxable income, thus reducing the tax you owe. At the end of the year, your mortgage company will send you a statement of the amount of interest you paid (form 1098), which you then include on your tax return.
3. Freedom: When I rented, I was constantly frustrated by the fact that I could not change the house to my liking. Now that I own a house, I can knock down a wall, hang a picture, and paint ot my heart’s content!
4. Neighbors: when you own your own house, you do not have to share a wall with noisy neighbors, your rent won’t go up, and you don’t have to be (as) sensitive about how loud your music is.
5. Community: when you buy a home, chances are, you belong to a community full of homeowners – all of whom are willing to invest in their homes and community, making the entire hub a safer and more family-friendly places to live.
6. Higher Academic Achievement: Studies have shown that homeowner’a children have better success academically. I could bore you with the details, but I believe it is because, as a rule, homeowner’s are more invested in their, and their children’s lives, which leads to higher academic success.
7. Improved Health: Similar to higher academic achievement, homeowners tend to have better health because of their increased engagement in their own lives.
8. A Home is an Asset: Unlike many physical things that we buy, a home’s value will appreciate as the year go by, increasing net worth and developing equity for the homeowner.
9. Low Rates: Interest rates on mortgages are at an all-time low, but home prices are on the rise. What easier way is their to invest in an asset and save money than to take advantage of low interest rates?
10. Home affordability: although home prices are on the rise, there are still many, many foreclosed homes on the market. What better way to save money than to buy low, sell high?
I realize that buying a home is not for everyone. Really, it depends upon where you are in life. But with the right circumstances, planning, and preparation, buying a home can be a wonderful experience!
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