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Top 10 Reasons to Become a First-Time Home Buyer

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According to a TD Bank survey of 18-34-year-olds, 84 percent of those surveyed cited a desire to become a homeowner. After the recession in 2008 and record number of foreclosures, first time home buyers are waiting longer to buy homes.  While there is a delay, millennials still view owning their own home above the option of renting…and certainly more than still living with their parents.  Below are ten great reasons why making that jump now is a great idea for you and your future.

10. It’s something to be proud of.

 A huge piece of the American dream has always been home ownership. Owning a home is a huge step in the adulthood but give yourself a pat on the back! You’ve made it!

 9. Create a sense of security.

While you may have to play fixer-upper and take care of things here and there.  No more worrying about unwelcomed visits or unreliable landlords, increase in rent, or being told to pick up and move due to plans to sale.  You’ll have fixed payments for the next 30 years or as long as you like when you are in charge.

8. It’s a buyer’s market.

There’s a house out there for everyone and sellers are ready to make deals.  You don’t have to settle when looking for what you want, it’s out there.

7. Save money and pay less in taxes.

Instead of paying rent, make your money go towards something that is yours.  The newer the mortgage, the higher the interest payment each month that means greater tax breaks.  You can deduct the interest you pay on your mortgage from your taxable income. New homeowners with recent home loans tend to get the greatest tax benefit.  Real estate taxes are deductible, providing great benefits to the homeowner.

6. Calculate the long term savings.

Think about part of your payment each month being a long-term savings plan.  Because a portion of your mortgage will go to the principal of the loan, you are building equity. Down the road when you’re ready to retire this will be extremely useful.

 5. Historically low interest rates.

In many areas around the country, mortgage payments are less than the average rent.  There are many programs available that home buyers qualify for and make home loans extremely cheap.

 4. Be the pet lover you want to be.

Deposits, limits, and other rules often surround pet ownership when you are renting.  In your own home, you can love several (or as many as you want) furry friends.

 3. Enjoy home sweet your home.

If you want to add new appliances, crown molding, paint colors, you can do that at your leisure. You can design your home how you want, customize your space and make memories how you’ve envisioned them.

2. Upgrade when you want.

When it’s the right time for you or your family, you can sell your home and avoid paying capital gains…maybe upgrading to a bigger home or meeting new needs you may have.

1. Relish in the best investment you can make.

We’re well into one of the biggest housing bust in our modern history.  Thirty to even fifty percent in some areas, prices have some a long way down from their peak.  For the past twenty years, we’ve seen a rise in home prices, and we expect that trend to continue.  What does that mean for you, the homebuyer? If you buy now, you’ve put your capital in a safe long-term investment where it’s likely to grow.

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