You’ll pay less tax and save money.
New homeowners with recent home loans tend to get the greatest tax benefit.
The newer the mortgage, the higher the interest payment each month that means greater tax breaks.
Real estate taxes are deductible, providing great benefits to the homeowner.
Why would someone want to buy a house?
The top five reasons given in the survey for buying a home, in order, are: Home ownership provides a stable and safe environment for children and other family members. Home ownership means the money you spend on housing goes towards building equity, rather than to a landlord.
Is it worth it to buy a house in 2019?
The national median-existing home price is expected to rise 3.1 percent in 2019, according to the National Association of Realtors. Buy a home today for $200,000 and that same home may cost you $206,200 by the end of the year. $6,200 is a lot of money. Prices are expected to climb throughout the year, and into 2020.
Is it good idea to buy a house now?
If you are fairly secure and certain that you will stay in your current job, it is a good idea to buy a home. Having a steady income will help you stick to your budget, pay your mortgage, and build equity. It will also prevent you from wasting money on rent.
Why you should not buy a house?
High Debt Ratios
Lenders change the rules all the time for debt ratios. If bills eat up 50% of your gross income every month, you probably cannot afford a mortgage payment on top of those expenses. Consider paying down or paying off your credit cards before buying a home.