by Kevin Hughes
on Monday, July 14th, 2014 at 2:15pm.
Boise Real Estate- Is it REALLY the Best Time to Buy?
Everywhere you turn, you hear people talk about the great deals in Boise real estate and how you really need to buy NOW! “You are crazy not to get off the fence and just buy! They are practically giving homes away. Interest rates will never be this low…” Okay, maybe it is just Realtors that have been saying this.
Well, it really may be right this time. It's true. You can wait to catch the exact time the proverbial bottom hits. Unfortunately, no one knows when that will be and when we do know, it has already passed. The real answer is….it depends.
Real estate is not a get rich quick scheme-at least not for the vast majority of us. If you are a full time real estate investor, do your homework, and know how to spot the best deals on Boise properties, then you may be able to make serious money in quick flips or renovations. For the rest of us, real estate is first and foremost where we live. It is where our lifetime memories are created. It is where we spend time with friends.
Here are some thoughts and guidelines to consider when deciding if buying property in Boise is really right for you:
1. Do you plan on staying for at least 5-10 years? Real estate prices fluctuate. It is a given. It is like the sun. It comes up and then goes down. Historical price averages over time has shown real estate values tend to increase over the long term.
2. You have to pay someone’s mortgage. It might as well be yours. Eventually, the home will be paid for since part of every payment goes toward principle and there are still tax advantages to owning a home. At this time, you are still able to deduct the mortgage interest and the property taxes you pay on your income taxes. There could be some additional tax benefits to owning investment property as well. See your accountant for more information on the tax benefits of home ownership.
3. Do you have a relatively stable job or income? Obviously, there are no guarantees in life. Nobody has a job forever. However, in many cases, with the current very low mortgage rates, owning a home in Boise is less expensive per month than renting the same house.
4. Do you enjoy landscaping, renovating or painting? Many times if you are renting you are not allowed to do any customizing of the property. Or if you hate to move, you may be forced to if the landlord will not renew your lease.
When deciding whether to buy or rent a home in Boise, there are many factors to consider and only you can decide the right timing for you.