Thinking about buying a new home in Richwoods? Now is the right time. Mortgage rates are close to 50-year lows. But they won’t stay there forever. 30-year fixed rates have been slowly creeping higher. If you wait too long to purchase a new home, you could wind up paying a lot more over the life of the loan. Here are a few more reasons why it’s the right time to buy:
Owning is better than renting – When the housing market collapsed, it made more sense to rent rather than own. However, economic conditions have greatly improved in the last few years. With many people seeking rental properties, the supply hasn’t been able to keep up with demand, pushing prices up. That makes home ownership a more attractive prospect once again. In fact, you might even do better paying a monthly mortgage payment on a new home in Frisco, compared to paying monthly rent.
Prices are moving up –Waiting too long to buy a new home could prove to be a costly mistake because home prices have stabilized and are moving up. Now that the economy as a whole is improving, more home buyers will enter the market, driving prices even higher. If you want to buy a new home, it’s wise to lock in a good price now, before they go even higher.
Financial benefits / incentives – One reason people choose to buy rather than rent is for the tax advantages. You can deduct your mortgage interest rate and real estate taxes from your income tax payments. In addition, new home builders like Landon Homes, may offer financial incentives to purchase a new home. If you’re having trouble selling your existing home, Landon has a Trade In program which allows you to trade in your current property for a brand new Landon home.
The big advantage of owning a new home over renting is that you are in charge of your property. You can choose from a variety of floorplans, and visit the Landon Homes design center to visualize every detail of your new home, from fixtures to flooring. Once you’ve lived in your new home in Richwoods for a few years, you can make any changes you want, like repainting the living room, or adding a water fountain to your backyard. You don’t have to worry about getting permission from a landlord.
For more information about Richwoods, and the different communities offered by Landon Homes, visit the website to conduct a live online chat with Tanya Smith, our internet sales manager.