Here are five reasons. Many people across our nation are finding their dream home, but many are still on the sideline in spite of record low interest rates and great prices on the potential new homes.
•Build Equity---You can build equity rather than pay for a home for your landlord. If you rent you are giving him your money to pay his mortgage. If you pay your own mortgage, you gain a little principal each month and in the long run the home should continue to grow in value.
•Predictability--- Other prices will go up over time. But the principal and interest portion of a fixed rate mortgage remains the same over time.
•Tax Breaks---You may deduct the interest and property taxes. Even energy-efficient upgrades may be tax deductible.
•Appreciation---Home prices are again rising. Over our history (though there have been some bumps) the long term trend is definitely up.
•Social Benefits---Homeowners generally rate themselves happier and healthier than their renting counterparts.
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