Top 10 Reasons to Buy a Home

“The best time to buy a home is ten years ago,” is how the saying goes. In tight housing markets, it really does feel that way. But the saying is about more than housing prices it means that housing generally appreciates. In other words, homes generally gain value, so it’s always the right time to buy a home. 

There are some good reasons not to buy a home - if you move a lot for your job, if your mortgage would be more than 30 percent of your income, or if you don’t have a reliable paycheck. But if you want to build personal wealth, and maybe someday generational wealth, homeownership is the way most people start that journey - with their first asset, the property that they live in. 

Here are ten reasons you should think about buying a home: 

1. Home prices rise over time. This is the reason for the saying mentioned at the beginning of this article. There have only been three times in U.S. history when home prices didn’t rise predictably: in the 1930s, during the Great Depression, from 1940-1960 when redlining, or lending discrimination based on race, and in the late 2000s during the Great Recession. Even then, the only people who lost money on a home were people who had to sell during these periods, not those who bought. 
2. Homeowners pay fewer taxes. Mortgage interest is deductible because your home is an investment. This means someone who is paying $1,000 on a mortgage each month will pay fewer taxes than someone who is paying $1,000 each month on rent. 
3. You have to pay for housing either way, and this way you’re paying for something you own. Even if you pay the same (or more) for mortgage as you would for rent, if you pay off your mortgage and even if you don’t, you have an asset you can sell that is gaining in value. 
4. You can use the equity in your home. If you need money for education, a medical expense, or home improvement, your home is an asset you can borrow from. 
5. You have greater stability. Landlords can raise the rent whenever they want, or they may even sell the home you’re living in, forcing you to move if the next owner wants it for themselves. Homeownership gives you greater control over your life. 
6. You have more financial security. Your mortgages will only go up if taxes go up, which generally happens if your local government raises taxes drastically or your home increases in value. Rents can be increased anytime your landlord wants to, and some cities don’t have protections for renters to prevent large increases in rent.
7. Homeownership builds generational wealth. You can’t build generational wealth without assets, and the largest asset within reach of most people is their home.
8. Your home can supplement your retirement if you need it to. If you stay in your home long enough to pay it off or get close to it, your home can help supplement your retirement income through a reverse mortgage once you are 62 or older. 
9. You’ll put down roots in your community. There’s a reason most renters don’t know their neighbors. When you own your home, you are invested in your community and have a place to belong. It gives you a sense of pride in where you live and helps you build a network of people you can count on, and maybe even become friends with. 
10. You get to make your own decisions about how your home looks. As a renter, all your personal touches have to be removed when you move out. As a homeowner, you can paint, remodel, landscape, and improve your home anyway you want. And, the next buyer might even pay more for your home because of it. 

Are you ready to get on the path to homeownership? Submit your information below and get started on the path to homeownership today!