Are you interested in purchasing a Boston Northwest home but are hesitating because you're waiting for the "right time to buy"? Stop waiting and start searching. Here are the top 10 reasons to buy a home now:
- Historically Low Interest Rates - Interest rates remain at historic lows. If you have good credit, you could be paying as low as 4.46% for a 30 year fixed-rate mortgage and 3.81% for a 15 year fixed-rate mortgage (as of December 5, 2010). Those rates are too low to pass up.
- Mortgage Interest Tax Deduction - While the higher ups in the government are currently debating whether this should be stopped to help offset some of the national deficit, the mortgage interest tax deduction is still available for homeowners. So, take advantage of it while it is still available.
- Community Stability - Research has shown that communities with higher homeownership rates tend to be safer, have higher community involvement and even see higher graduation rates.
- More Affordable Than Ever - Now that the prices have come down in the last couple of years, owning a home has become affordable again, making it a better financial decision than simply renting.
- Pay Yourself Instead of a Landlord - By paying a mortgage instead of a rental fee, you are investing in yourself.
- Property Appreciation - While prices skyrocketed and then plummeted over the past few years, homeowners who have been in their homes for a longer period of time have still experienced an increase in their home value. Typically, homeowners experience a 4 to 6% increase in home value over the lifetime of their ownership.
- Equity - By owning your home, you can tap into its equity to make major improvements.
- Cultivating a Garden - With more people looking to grow their own fruits and vegetables, gardening is making a comeback. If you own your land, you have a piece of property you can cultivate your own garden on.
- Setting Down Roots - Owning a home is your first step to setting down roots for you and your family.
- Monthly Expenses - Once you pay off your home, your monthly expenses will be significantly less while, if you rent, your expenses stay the same.
Even during the holiday season, don't delay on purchasing your dream Boston Northwest home. The above top 10 reasons to buy a home now speak for themselves. Contact me now to help you find the perfect Cape Cod area home for you.
Marianne Backstone-Tabner, your connection to Boston Northwest, Cape Cod and the Islands
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