The best reason for buying a home is so that you can call a place yours and you can do what you want with the home. I've been a home owner and I've been a renter and it's much more fun to own a home than it is to rent a home, especially if the values of homes are appreciating upward. http://www.increasehomevalue.org/homebuyingtips.html
Not only this is that you'll be able to change your living space how you want it. Many times, with rental, you will not want to spend money on improvement, because once you spend the money, you won't be able to get it back and the landlord may not let you change the home or even have pets if you are renting the home.
Another good reason to buy a home is when the market area is appreciating. Appreciating means that your home values are going up or increasing in value from when you purchased your home. When I bought my home, I purchased at a good time. From the time that I purchased my home until the day that I sold my home, home prices were increasing at 15 % to 22% per year. Needless to say, when I sold this home, I made an extra $60,000. This was a good reason to buy. But remember, you won’t get your money until you successfully sell. As people are finding out, in some areas, home values are declining at a significant rate and the home owners are not able to sell or refinance their home.
If you can buy a home for a significant amount below market value, it would be a good time to buy a home. Let me explain. Market value is what a home can or will sell for in a reasonable marketing time (let’s say within six to seven months).
If you can buy a home for 20% or more below market value and you are planning to stay in the home for a while, this would be a good deal. The question is how do you find deals that are 20% or below market value.
Let me give you a hint. I've been a full time real estate appraiser for ten years and I can count the “good” deals on one hand. This is because Realtors work on a commission bases. The more they can sell a home for, the more they can make. Never forget this fact. If you hire a realtor that only works with buyers', most of them will still be working for a commission. So the best way to find a good deal for a home is to understand home values.
Always, always buy an appraisal from a good appraiser and get two opinions of home value, check on line web sites and get active. This is the only way to find out if you are getting a good deal on a home. Don't always trust your realtor and look for homes outside of your realtor. Once you find a home, use your negotiating skills to get a good deal.
You make your money when you buy a home. If you buy correctly, there's a good chance that you'll be able to sell for a profit, but if you buy wrong, you'll be paying for it for the next 30 year.
So while there are many reasons to buy a home, make sure that you buy correct, so that you'll have a better probability of being able to refinance or sell your home when you are ready.