The economy is in dire condition right now but there are still many people buying property as you read this article. You might think that they are insane but trust me when I tell you that they are just doing something that make sense to them. Here are at least 10 reasons why buying a property is a good choice in this market.
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
There are lots of homes for sale right now. This means that you can take your time to look for the house that you can’t live without. Either that or you can ask the seller to fix everything to your liking before you will sign the lease.
You don’t have to be a tenant forever. With your own house, there are no more increases in your monthly rent and there is for sure spaces for your cars.
If you own, for sure you will have a yard. My wife loves planting and this is actually the main reason why she wanted a house.
Having mortgage payments and property taxes mean lots of tax deductions. With a house, you can save a lot of money by saving on taxes. You also get a huge refund every year which you can save up to boost your savings.
If you sell your house and have less than $250k of capital gains, you don’t even have to report it as long as you lived in it 2 out of the last 5 years. This is the best tax treatment you can have in any investment.
Everyone wants a piece of the American dream. Once you sign on that dotted line, you will feel great because you will seem to have elevated to another level of personal achievement.
Having a mortgage also helps you spend less because you seem to have a big payment. If you can save all the tax savings every year, you will be in good shape (in a savings perspective).