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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.
Mortgage rates are so low currently. In fact, it is at a historic low as the government is doing everything to lower that rate. If you have good credit, now is the time to buy because you can literally get good leverage in your investment!
So many homes are on the market these days. Therefore, sellers will compete for your money and do whatever you tell them to do. You can get a free refrigerator, or a new HDTV if you negotiate well.
When you buy a place, you no longer have to deal with your landlord! Rent increases are a thing of the past, not to mention that there are no parking problems!
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.
IRS really likes people buying houses because anyone can have $250k of capital gains tax free. In fact, you don't even need to report it if you lived in the house for at least 2 years (the limit is actually $500k if you and your wife both own the property and file taxes jointly).
Now onto the American dream. Who doesn't want that? When you buy, the pride factor should be worth the price alone.
Monthly payments will be big but that means you will learn to spend less. This is an automatic savings program because you will get a huge tax refund, in which case you can save it all up.
Mortgage rates are so low currently. In fact, it is at a historic low as the government is doing everything to lower that rate. If you have good credit, now is the time to buy because you can literally get good leverage in your investment!
So many homes are on the market these days. Therefore, sellers will compete for your money and do whatever you tell them to do. You can get a free refrigerator, or a new HDTV if you negotiate well.
When you buy a place, you no longer have to deal with your landlord! Rent increases are a thing of the past, not to mention that there are no parking problems!
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.
IRS really likes people buying houses because anyone can have $250k of capital gains tax free. In fact, you don't even need to report it if you lived in the house for at least 2 years (the limit is actually $500k if you and your wife both own the property and file taxes jointly).
Now onto the American dream. Who doesn't want that? When you buy, the pride factor should be worth the price alone.
Monthly payments will be big but that means you will learn to spend less. This is an automatic savings program because you will get a huge tax refund, in which case you can save it all up.
About the Author:
Personal Finance Blog by MoneyNing is a site with lots of tips to be frugal and save money. He recently wrote about 50 Ways to Budget Travel and Save Money which I'm sure you would enjoy.
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