5 Big Benefits of Buying a House This Year

The housing market has been red-hot since the start of the pandemic, but things are finally starting to cool down.

What does this mean for you, the prospective homebuyer? If you've held off on buying a house, now is the perfect time to put your plan into action.

Here are five expert tips for buying a house (and why you should)!

1. Great Long-Term Investment

There's a reason you see so many companies advertising, "We buy houses for cash!" Buying a home is always a solid investment in your financial future.

It's extremely rare for homes to lose value over time. In 2020 alone, homes in many areas appreciated by over 10%.

Even if you don't experience such a dramatic increase, you're still coming out ahead. Rather than throwing money away on rent, you're building equity in your home that you can tap into in the future/

2. Homeowner Tax Breaks

Raise your hand if you want to pay fewer taxes every April!

Guess what? As a homeowner, that's exactly what you'll get to do. Buying a house opens up a whole new world of tax deductions that aren't available to renters.

The tax breaks are especially generous for first-time homebuyers, with write-offs galore. If you've been dreaming of buying a home of your own, now is the ideal time to make it happen.

3. Low Mortgage Rates

Mortgage rates plummeted in 2020, and 2021 kicked off with near-record low rates across the nation. The average homebuyer was paying a mere 2.65% on a fixed-rate 30-year mortgage, which equals thousands of dollars of savings over the lifetime of the loan.

Although mortgage rates have increased slightly since the start of the year, they're still much lower than average. Take advantage of this rare opportunity and get preapproved for a mortgage today!

4. Improved Credit

Would it surprise you to learn that taking on a large debt like a mortgage can actually improve your credit? This is because a home mortgage is considered "good debt," unlike those credit card bills you sometimes struggle to pay off.

As long as you keep up with your monthly mortgage payments (and pay them on time), your credit score will soar. In turn, the Best Mortgage Broker in Penrith or whoever operates in your area will help you apply for new loans and financing down the road.

5. More Privacy & Control

Perhaps one of the most obvious benefits of buying a house is the privacy and control that comes with it. You don't have to worry about a nosy landlord poking around or finding a rental property that allows pets.

With your own home, you're in complete control. If you want to knock down a wall, repaint the ceilings, or install a booming home theater system, you don't have to ask for anyone's permission.

Buying a House in 2024? Good Luck!

As you can see, there are many benefits to buying a house this year. You may face a little more competition than normal, but there's no reason you can't enjoy these house-buying benefits for yourself.

Now that you have all these great tips for buying a home, what's next? Our site is full of terrific tips and advice for you, so stay right here and keep browsing.