Buying a home is a hot topic once again and a happy one at that. Which is great to hear after a few depressing years. Though there are hurdles to over come, the one thing that has not changed for Home Buyers is the fact that is is a very important aspect of life that brings a number of benefits to your life.
Are you sitting on the fence of homeowner ship, here are few little reminders of what owning a home brings to you!
1. Tax Breaks: Currently the U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes and some of the cost involved in buying your home.
2. Appreciation: Yes we can say that word again.... Real Estate has long-term, stable growth in value. Even with the last few years decline, National Association of Realtors (R) estimates home sale prices increased 88.5% over the last 10 years. Over the next decade it is expected to rise 15% due to the high demand for housing.
3. Equity: Money paid for rent is money that you will never see again. You are paying someone elses Mortgage. Mortgage payments let you build equity ownership interest in your home.
4. Savings: Building equity in your home is building a savings plan. When you sell, you can generally take up to $250,000 ($500,000 for a married couple) as a gain without owning any federal income tax.
5. Stability: The home is yours!! You aren't throwing away money each month on rent and you can decorate any way you want! As well remaining in the neighborhood for several years gives you the chance to participate as part of a community, establish relationships and build family ties.
I have to admit it is lovely to see the American Dream alive and well. If you are considering buying a home, it is important to meet with a variety of professionals who can help you determine your best steps, those professionals include a Tax Accountant, Licensed Lender and Licensed Realtor.
There is no doubt many lost their home over the last few years, but their dream of owning a home again is still alive and well. Know this, it will be possible once again. In fact, if you short sold your home before 2010, you may qualify for a FHA Mortgage as soon as this year, depending on your circumstances.
If you are considering taking the step towards home ownership, give us a call, let's put a plan into place that get's you there, whether this is your first home or you are looking to get back into the market, we are here to help!