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You hear it everywhere, interest rates are low — now’s a good time to buy a home. But you still think, that’s not for me, or I don’t have the time, money, energy, etc. for that right now. Well, once you hear how much money you can make from this opportunity, you might think again. Here are 5 compelling reasons to either buy your first home, or just buy an extra home.

1. Interest rates are low. No seriously, it has not been this low since your parents were buying their first home. Lock in at a low rate and save.
2. Homes are cheap. Property values have dropped dramatically and you can now pick up a house for 60% off like it’s a shirt at the mall. Think about it: buy a small house today for $30k (yes this price is common, no — the house is not complete crap), spend $10k fixing it up; sell it in 5 years for $80k or more. I’m talking about the foreclosed homes that are now going for nearly nothing, if you just buy it now and hang on to it, you can make double the profit in a few years.
3. Do yourself a favor, go to any real estate website and look up homes near you. Then click on the “calculate my mortgage” button, is it way cheaper than you expected? Like half a rent payment?
4. First-Time Home Buyer tax credit: it’s like when the sales rack says “Take an additional 10% off clearance prices!” It ends this December though – so stop hesitating.
5. You can pay for your kid’s college from the profit of this extra house. Or for first-time home buyers: you can now live in twice the space for half the price of rent. (We’re talking about $250-$350 mortgage payments here, and you get that back and more when you sell the house)

By now you’ll say: but I don’t have the time for this, it’s true – investment takes time, but for most people doubling their investment is worth the time. Or you could say: but how do I know my house will sell? If you’re worried about it selling, find a house with a good renter’s market (i.e. near colleges), at worst you can get renters to pay double your mortgage for rent and still make a profit.

Lastly, you might say: but I don’t have the money for the down payment right now. Look into FHA loans that are flexible on down payments and credit scores. Convinced? I hope so, if you plan on buying a home anytime in the next 5 years – do it now, you’ll regret it later once this opportunity is gone.

• Get started buying a home with the Quicken Loans Home Buying Center.
• Get started refinancing your mortgage with the Quicken Loans Home Buying Center.
• Not sure of your credit score? Get a free credit report from Quizzle.

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