There are many reasons to buy a new home. Sometimes, they are related to the economy. Sometimes, they are related to geography, or schools in a community. The only constant is that there are no constants, and that the reasons to buy a new home change all the time. However, while that is always going to be the case, we can break down the top reasons to buy a new home right now, so here is our list of the top reasons we see for this year.
1. Interest Rates Are Favorable
This reason is actually one that is perennial. Interest rates will always have an impact on the number of people looking to buy a new home, whether they are high and discouraging buyers, or low, and sending more people to their mortgage companies to get a deal. Right now, interest rates are very favorable, so not only is buying looking more attractive, it is a great time to do it too!
2. Family Changes
Whether it is a new baby, moving your parents into your guest suite, or downsizing after the kids move out, changes in your family composition is a big motivator to buy a new house. Consider the changes you are anticipating over the next year or two. Will you need more space? Will you need less?
3. Home Boredom
You used to love your home, but now… you are bored. You want something new. Something better. You want shiny new fixtures and finishes, and you are just plain tired of looking at the same four walls. Unless you want to endure months of painful home renovation, buying a new home is the only way you can solve home boredom.
4. The Economy Is Looking Good!
Home prices are looking good. Your bank account is looking healthy. The stars are aligned, and there has never been a better time, economically speaking, for you to take the plunge and buy a new home. Since property is always a good investment, when things do work out this way, it’s never a bad idea to invest in a great new home in a great community.
The fifth and final most common reason for buying a new home that we anticipate in the next twelve months is relocation. Either moving towards a job, or wanting to move closer or away from a nearby city. Again, these are due to economic drivers, and the desire to have a better lifestyle.
These are all great reasons to consider buying a new home, but even if yours is not on this list there is no time like the present. Mortgage and interest rates are likely to remain stable for a while, so strike while the iron is hot! Do your research, choose a home in a great community, and invest in the lifestyle you want for years to come.