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TIME Magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

 

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.

 

2. Mortgages are cheap.  At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

 

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

 

4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.

 

7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if your goal is just to have a nice place to live.

 

9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.

 

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

 

 

 

 

Both buying and renting can have their advantages. The better choice for you depends on your circumstances. Here are some of the things to keep in mind when you weigh the benefits of renting against the benefits of buying, both from a financial and a personal perspective.

 

Renting may provide you with more leftover cash each month, if your rent is less than a mortgage payment. Renters are often subjected to rent increases over time. And renters call the landlord when the faucet leaks. Homeowners call a plumber-and pay the bill.

Buying a home may provide you with income tax benefits (though it’s important to check with your tax advisor to see how buying would impact your personal situation). Buying a home also offers you the chance to increase your personal wealth as you pay off the principal on your loan over time and build what is known as equity. Equity is the difference between the market value of the home and the outstanding balance of the mortgage loan(s) on the home. Of course, home values can rise or fall over time, so building equity is not guaranteed. And there are significant upfront costs associated with buying, including the down payment. Down payments often range between 5% and 20% of the sales price depending on many factors, including your loan, your lender, your credit history, and closing costs. They may include attorneys’ fees, as well as fees for preparing and filing a mortgage, and for taxes, title search, and insurance. They include the expenses incurred in obtaining the loan and in transferring the ownership of any collateral property from the seller to the buyer. Generally, closing costs range from 2% to 6% of the mortgage amount.

Personal preferences
Buying a home is a financial commitment that requires you to plan ahead, reflecting on where your life is headed and what you want to accomplish along the way. Ask yourself:

 

Renting usually makes it easier to relocate (to pursue a job opportunity, for example). And if your rent is less than a mortgage payment, renting could allow you to contribute more toward specific savings goals, such as retirement, college, future travel, investments or even putting away money for a down payment for a home in the future.

Buying a home could make sense for you if you want to put your monthly living costs toward something you could eventually pay off and own outright. In addition, it also makes sense if you plan to stay in the area and prefer to feel settled in a home that reflects your personal tastes.

 

Together we can find out if buying a home makes sense for you financially.  Call me at (845) 765-7072 or visit my website.

 

 

Join us for an enlightening and informative “It’s Great To Be Home” Homebuyer Workshop, in cooperation with our trusted lending partner, Bank of America Home Loans. You’ll get insight on the end-to-end home buying process from a dedicated mortgage loan professional. 

No obligation… just bring your questions.

Refreshments will be provided.