You’ve been thinking about doing it…
It seems like more people are doing it…
So, why should you take the plunge and buy a new home in 2013?
There are plenty of good reasons, but here are our top 5:
1. To protect against rising rents
Let’s face it – the only people who have benefitted from fears over the housing market are landlords. Even just a few years ago, renting used to be the cheaper alternative. You did it while you saved up to buy a home of your own. But with more and more people afraid to buy in recent years (and, thus, increasing the demand for rental properties), landlords have sent monthly rent prices through the roof. Now, in many places, it’s actually cheaper to buy than it is to rent! So, if you’re sick of sending $1,000 or $1,500 (or more!) to your landlord every month – and you’d like to actually build some equity with your money instead – it’s time to buy. And, if you get a fixed-rate mortgage, you’ll never have to worry about your monthly payments going up!
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2. To take advantage of low rates
Mortgage rates have never been as low as they are right now, but this trend isn’t going to last forever. In fact, the Federal Reserve says that 30-year rates aren’t going to dip any lower than the low-3% range. So, if you’re a bargain-shopper, the time to act is now. An added benefit to buying now? The rates are so low right now that you’ll never have to worry about refinancing down the road. That alone can save you thousands of dollars in closing costs on a new loan!
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3. To take advantage of low prices – that are starting to go back up
For years, all we’ve heard is that home prices are in the toilet. While prices still aren’t close to their pre-recession levels, they’re starting to inch their way back up. That means, if you want to get a really great deal, you’re going to need to buy sooner rather than later. Right now, we’re in the “perfect storm” of housing. Both prices and mortgage rates are still low, so if you’re looking to get the most bang for your buck, 2013 is the time to do it!
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4. To help your credit
If you wish your credit score could get a little boost, making monthly mortgage payments could be just the solution you need. After all, successfully handling something as big as a mortgage shows that you’re responsible – and the credit bureaus like to reward responsible people! But if you’ve already got a house, why do you need to improve your credit score? If you ever want to buy a new car, get a better credit card, or qualify for any other type of loan, you’ll need the best credit you can possibly have. That way, you can reduce your odds of drowning in unnecessary interest!
5. To make it your own
Dreaming of an upgraded kitchen, painting the walls in the master bathroom, or putting in your own garden in the backyard? Well, you can’t do any of that as a renter! If you truly want to set down roots and turn a house into a home, you’re going to have to buy it. Sure, you’ll have to commit to it for the foreseeable future, but the benefits can be well worth it!
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