You may be uncertain whether or not buying a house is a good idea in the long run. With the economy in the state it's in, renting may seem a much safer option because you are unlikely to end up in the street without a roof over your head. In the worst-case scenario, if the rent is too high you can either speak to the landlord to reduce your rent or call up a Carmel real estate agent and find something cheaper.
However, if you do have some cash available and a good credit rating then this is actually the best time to buy. Let's look at all the advantages of owning your own home.
Save on Income Tax
As a homeowner, you get some nice income tax deductions. Essentially, the government ends up subsidizing at least part of the price of your home. The law states that both property taxes and the interest you pay on your mortgage is deductible from your gross income. Therefore, you will be paying tax on a lower paycheck.
Monthly Budget Stability
When you are renting you can never be sure how much you will be paying the following year. Recession or no recession, rents tend to go up every year, even if by a tiny percentage. However, if you take out a fixed rate mortgage then you will know how much you will be paying every month for the next thirty years. It may seem overwhelming but it is an asset to be able to plan that far in advance for your budget. To get an idea of the increase in rents over the past five years just look up some Carmel real estate statistics to see exactly how much they have grown year on year.
Stop Flushing the Toilet
When you rent, you are flushing money down the toilet. At the end of the rental period, even if it is 15 years, you pack up all your stuff and leave because you don't own the property. No calling Carmel real estate agents to sell your property or buy a new one, no planning on how you will feel in your new home. All you will do is move to another rental where you will flush some more money down the toilet.
When you purchase a home, at least you know that you will be able to recoup your money at some point because it is an investment. Thus, if after 10 years you decide to move you know you can sell and recover the money you invested. With a rental, you can wave good-bye to every cent.
Freedom
This may sound strange to some but the freedom of hammering a nail into the wall without making five calls beforehand, from your Carmel real estate agent to your landlord, is priceless. No need to worry if you spill something and stain the walls because it's your home and no one else has the right to dictate what you can do.
There are countless other reasons that support owning a piece of Carmel real estate, including lower property prices. Therefore, if you are currently renting, you should seriously consider taking advantage of the slump in the market now. The recession won't last forever and you may find yourself paying much more later on when you realize that being a homeowner is the only way to go.
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