During times of economic uncertainty, many people have good reason to put their plans of buying a house on hold. However, for some people who can buy a house, this may be the best time to make a purchase. Of course, readiness is something you determine through different factors. For some people who are not ready to buy a house yet, or if buying a house is not financially feasible at the moment, the best alternative is renting. You can live in a good neighborhood for a low price while saving up for your downpayment. Here are a few things to consider when weighing your options on buying a house or not.

1. Tax breaks - Let's say that you're looking at Albuquerque homes for sale and trying to make up your mind if you'll buy a house or not. It's important to consider that if you buy Albuquerque real estate, it will give you attractive tax breaks. Of course, this shouldn't be the entire reason for buying a house. It's a great bonus to look forward to, though.

2. Equity loan - In many instances, taking out a home equity loan (with caution, proper planning, and careful management) can be better than taking out other kinds of consumer loan because it has a lower interest rate.

3. Freedom - While renting may give you a chance to afford living in a good neighborhood, buying a house will remove the restrictions that renters usually experience when living in a house that's not their own. When you own a house, you can do what you want with it. You can knock down a wall, put up pictures, change the color of the house, put in a new window, etcetera. These are things you really can't do while renting, but it's something that adds fulfilment to your daily life. There's a lot of personal satisfaction that could result from being able to make your own house truly a home with a personal touch.

4. Stability - Renters have certain wories that home owners don't need to deal with, like whether the rent will increase next year, or if the landlord will need the house soon and they'll need to look at another place to rent, etcetera. There's a certain stability associated with living in your own home, where you only have to keep up with the mortgage payments in order to keep living in it.

5. Legacy - For many people, owning a house is an opportunity to make a legacy. They can raise their children in the house, start a family, leave the house to their family when they die, and the legacy continues. In the future, it could be a substantial financial gift for the next generations.

Whether you're ready to buy a house or not is really up to your emotional and financial readiness. If you're just waiting for further persuasion to buy a house, the reasons above could help you get a different point of view about it.