| Though the housing market has been turned on its | | | | college. |
| ear, this is a great time for anyone thinking of buying | | | | Personal Reasons |
| a home. Yes, it may be more difficult to get the | | | | However, it may be a larger factor for some more |
| credit that you may need; it is still possible, and now | | | | than others there are personal and family related |
| prices are so low you may not need as much | | | | reasons for buying a home. The family reasons are |
| financing as you originally thought. If you are on the | | | | usually the most obvious and typically include the |
| fence, here are some reasons to consider buying a | | | | need for additional space due to a growing family or |
| home sooner than later. | | | | relocation for a job or business opportunity. Yet, |
| Favorable Interest Rates | | | | personal reasons are not always considered. For |
| One of the greatest and most obvious reasons to | | | | many, the desire to be able to customize a living |
| consider buying a home is the interest rates. Interest | | | | space without asking for permission is strong and |
| rates today, are some of the lowest rates that we | | | | often a great motivator for young adults to buy their |
| have seen in years. It is possible that they will go | | | | first home. Others grow tired of the noise, neighbors, |
| even lower. You may think that getting a home loan | | | | and cramped quarters of apartments and/or dorm |
| in order to take advantage of these rates is | | | | life. |
| impossible. Although credit standards and loan | | | | Owning your Home |
| approval may be higher than before, obtaining a loan | | | | One of the more traditional reasons for buying a |
| is well within the reach of homebuyers with a good | | | | home is that you are purchasing property that you |
| credit rating and a steady income that can support | | | | can actually own rather than paying for the use of |
| the monthly mortgage payments. | | | | someone else's property. As we start to get older, |
| Tax Benefits | | | | the desire to have a place to settle down and retire |
| The second best reason to buy a home is the tax | | | | in becomes more pressing. If you buy a home, you |
| savings. For most workers buying a home may not | | | | own property that you can not only retire into; but |
| only allow them to deduct the mortgage interests, it | | | | also, pass on to your children. |
| also gives them the ability to itemize their deductions, | | | | Asset Ownership |
| which they may not have been able to do previously. | | | | The idea of owning property that can be passed |
| Once you have lived in your home for two years, | | | | down is the reason many people work and save, |
| you are able to exclude an amount of profit from | | | | which leads us to the next reason to buy a home. |
| your capital gains. In addition, you are able to take | | | | There is a pride and peace of mind that comes with |
| advantage of this exclusion every two years, even if | | | | owning a house. This is the ability to see why you go |
| you decided to sell the home after you have lived | | | | to work day in and day out, work two or jobs, or |
| there for at least two years. | | | | work two or more shifts. This sense of |
| Appreciation | | | | accomplishment cannot be duplicated when renting. |
| Unlike cars, houses appreciate over time. Therefore, | | | | Becoming Part of a Community |
| your house will more than likely be worth more in a | | | | If you are searching for a strong sense of |
| few years than you paid for it. Some people take full | | | | community, than you need to consider buying a |
| advantage of the appreciation factor and sell their | | | | home. When you own a home in a good |
| homes for a profit. | | | | neighborhood, you take the time to meet and get to |
| Plenty to Choose From | | | | know your neighbors. In addition, you are more likely |
| However, another great reason to buy a house now | | | | to become involved in neighborhood activities and |
| is the selection. Unfortunately, due to rising | | | | community programs. |
| foreclosure, there are numerous houses on the | | | | Flexibility |
| market in every state. Regardless of your tastes or | | | | If you have entertained the idea of starting your |
| preferences, you should be able to find just what | | | | own home based business, you may find that it is |
| you are looking for. | | | | much easier to convert an extra room in your home |
| Acquire Equity | | | | into a home office than it is in a rental or apartment |
| Houses are also good sources for future credit and | | | | setting. You may be able to have a designated |
| or financing. Homeowners are able to turn the equity | | | | entrance for clients, as well as space for a small |
| that they have in their home into a loan or line of | | | | waiting area. However, depending on the type of |
| credit through refinancing. This benefit has proven to | | | | business you are considering more elaborate |
| be important, in a down economy or in situations | | | | modifications may be required. For example, you may |
| where medical bills are unmanageable, home repairs or | | | | need to bring a restroom up to ADA standard or |
| improvements are needed, or kids need funds for | | | | install an additional sink. |