Without question, owning a home comes with risks and responsibilities that you don't have to worry about when you rent. However, financial advisors, and other homeowners insist there are more advantages to owning.
- Over time you will generally lose money by renting. Why not build up equity in a home instead of paying a landlord's mortgage?
- Historically, owning a home has been a prime financial investment in the long term.
- You can take advantage of ongoing tax benefits, like deducting the interest on you mortgage and property taxes from your income tax.
Generally speaking, if you are financially qualified, your timing could not be better.
- Home prices are still trending at bargain prices in many markets
- Interest rates are still historically low, which means you can lock-in a single digit interest rate for 30 years
- Foreclosures and short-sales can still be found in many markets which means a discount on already low market rate prices
- New home inventory is starting to pick up