Health & Fitness
7 Reasons to Buy a Home
If you're thinking about taking the leap into home ownership, here are some important reasons to consider: Freedom, affordability, more choices, tax deductions, etc.
Today the deflated house values and low interest rates make it the perfect opportunity for someone to make the transition from tenant to homeowner. According to Richard Green, director of the Lusk School of Real Estate at USC, house payments are now back in line with income. In some areas, owning a home can be cheaper than renting.
Here are some reasons to consider when thinking about whether or not now is the right time for you to buy a home.
1. More Freedom– If you are currently renting, you are already aware of the restrictions that come along with your lease. For example, the ability to paint the interior, have outdoor BBQs or plant flowers along the walkway, to name a few. When you own your own home instead of renting, you have more freedom to do what you want, when you want.*
Find out what's happening in San Clementewith free, real-time updates from Patch.
2. Affordability – In the last few months interest rates have been at their lowest in 50 years! Even one half of a percentage point can make a big difference in the amount of interest you pay over the life of the loan. Don’t miss this opportunity to get locked in to a low rate and save thousands. The lower the interest rates, the more buying power you have. Here is an example of the difference the interest rate makes in a monthly principal and interest payment on a $400,000 note:
4% = $1,909.66 5% = $2,147.29 6% = $2,398.20
