Why your family should buy a house in 2020?
Photo by Tierra Mallorca on Unsplash
One of the best long-term financial decisions that you can make for yourself and your family is to buy a home. While buying a home can provide a lot of great opportunities and help someone to establish roots in a neighborhood, finding the right time to do so can seem challenging. There are several reasons why buying a home in 2020 could be a great option and opportunity.
Low mortgage rates
One great reason why you should buy a home in 2020 is that mortgage interest rates are very low compared to historical averages. After ticking up in 2018, mortgage rates have once again fallen to the point where many buyers will qualify for mortgages with interest rates well below 4%. At the same time, there is plenty of reason to believe that they will not stay this low for too long. Those that would like to lock in a low rate for decades should consider buying this year to ensure they are able to do so.
Stability in living situation
One advantage that comes with owning a property as opposed to renting is that it will provide you with much better stability in your living situation. To start, you will not have to worry about having to move out of your home at the end of a lease term if the landlord decides to either increase the rent dramatically or sell the asset. Further, you will know that your housing costs will stay about the same as the years go by. While your taxes, insurance, and maintenance costs can change, your mortgage payment will stay fixed for 30 years or more.
Plenty of supply with great amenities
Another reason why 2020 is a great time to buy a home is that there is a lot of supply for those seeking out a new home. For example, Myrtle Beach real estate buyers will find that there are plenty of homes that are located near the water and in great school districts. This will give you the chance to find a home that is perfect for you and your family.
Start building equity
Finally, buying a home in 2020 because it will give you a chance to start building long-term equity. For most people across the country, the equity in their home is the largest asset that they own. As the years go by, even modest levels of price appreciation and paying down a mortgage will lead to someone having a considerable amount of equity. You could then tap into this equity in the future by either selling the property or taking out a home equity loan. Another option would be to pay off the loan completely and eventually enjoy the benefits of living without a mortgage payment.
When you are thinking about buying a home, the thought of doing so can seem overwhelming and stressful. While time may never seem perfect, there are a lot of reasons why 2020 could be the best year and time possible to make this decision.
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