Many people ask “Is now a good time for me to buy a house?” Based on the economy and latest figures the answer appears to be YES! A recent Forbes article discusses the pros and cons of buying of a home at present time. I believe the pros are what we should focus on today, for without risk there is little reward. Many people believe that paying rent is throwing money down the drain while buying a home is an investment you can make for the rest of your lives, not to mention for your posterity as well. Imagine when you are getting ready to retire and your mortgage is completely paid off – the relief you would feel knowing you don’t have to come up with rent every month on a limited income.
One of the biggest pros for buying a home is the flexibility that comes with it. You can paint walls, knock them down, add a fence or a gazebo and no one can make you change it back like when you were renting. There is also a stability factor in buying a home. The security that comes in knowing that as long as you make your payments you have a place to live is a very comforting feeling. When you are renting this is not the case. Your landlord holds the power and could sell your properties to someone else, forcing you to move if they were unhappy with you as a tenant or simply if they wanted to tear the property down and start over; it’s theirs to do with as they like.
Another key aspect to timing your purchase would be tax credits, rates and the economy. Housing rates currently went down in March according to Bankrate.com. With rates down and many tax credits that Texas offers now may be a prime time to buy a property. Most reports indicate unemployment is decreasing rapidly and as the economy seems to be on the upswing, the housing market inevitably follows. Homes are holding their value better and your down payment is transferring over to equity which means earning in the bank for you and your loved ones. Now could be the perfect time to do your research and find out what your options are. Your dream home could be waiting on you!