Top 10 Reasons to Become a Homeowner

It’s definitely a great time to buy your first home, and Wall Street Journal writer Brett Arends agrees. The paper just published a list about the top 10 reasons to become a homeowner, and we just had to share it with you.
Take a look at this list, and let us know what you would add:
1. It’s a buyer’s market. Now is truly the time to buy because prices are down in many markets. The WSJ cites the Case-Shiller Index, which recently reported that prices are currently down 30 percent from their highs from a few years ago.

2. Low mortgage interest rates. You really can’t beat today’s mortgage rates. The average rates for a 30-year loan is about 4.5 to 5 percent today.
3. Deduct mortgage interest from your taxes. Taxes from your mortgage can be deducted, which will ultimately save you money. Nothing similar is available for renters.
4. Personalize your space. Owning your own home means you can do what you want. Feel free to embark on any decorating project you can dream of without worrying about asking a landlord for permission.
5. Your living space will improve. The WSJ says that many of the best living options across the country are only available for purchase. You might find an amazing rental out there, but buying gives you more of an opportunity for the perfect home.
6. Homeownership aids against inflation. This reason isn’t as concrete, but studies have shown that long-term housing wins out over inflation every year by a few percentage points. If you’re looking for a place to stay more permanently, it’s another potentially money-saving reason to pursue a home purchase.
7. Investing in real estate now could pay off later. Prices are low now, but they will go up again down the road. A home is an investment that could make you money.
8. Compare your mortgage to a savings account. Putting money into your mortgage is like forcing yourself to save month after month. As Arends notes, “the part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. As a forced monthly saving, it’s a good discipline.”
9. Choices, choices, choices. The National Association of REALTORS® says that there are 4 million homes currently on the market, so you’ll have a lot of options to look at.
10. Buy now, or risk less opportunity later. The market is going through adjustments right now, but that won’t be the case forever. It’s hard to say when supply and demand will even out, so take advantage of favorable conditions for buyers now.