It’s finally Spring. The weather is getting warmer, the snow is almost gone and it’s time to stop being a tenant and become a homeowner. Here’s a few reasons why.
Home prices are rising. According to a recent study, home prices have risen 6.9% in the past year. And it’s not stopping. The study predicts that home prices will rise an additional 4.8% in the next year. Prices are not going down, they should continue to rise for the foreseeable future.
Mortgage rates are also increasing. In February, the Federal Reserve increased rates. This was the first of 3 interest rates scheduled for 2017. The rate changes won’t make a big impact on your mortgage payment, but it will increase. If your mortgage is $300,000 the latest increase will appear as an additional $35 per month.
Speaking of mortgages, unless you’re living with your family rent free, you’re already paying a mortgage. But you’re paying your landlords mortgage. If you were paying your own mortgage, you would have the tax benefits, you would be building your own equity.
Invest in your family’s stability. By owning your own home, your family can put down roots, and not live with the thought that next year your landlord may decide to sell.