NAR put this out a while back, but does it still makes sense today ?
Tax write off: According to the U.S. Tax Code you can deduct the interest you pay on your mortgage, property taxes, and some of the costs involved in buying your home.
Home value: While the median price of single family homes nationally has gone down -1.8% between 2004 and 2007 the Mobile Real Estate has thrived by increasing in value by 6.4%. Even with a 6.4% percent increase in value the Mobile market is still considered a buyer's market thanks to the ongoing tremendous growth. Stats offered by the NATIONAL ASSOCIATION OF REALTORS.
Equity: When owning a house it is possible to gain equity value in many different ways. Supply and demand, new commercial development (accessibility), new schools in the area, new highway access and new greater valued surrounding neighborhoods to name a few. With tremendous growth in the Mobile market homeowners have been enjoying an annual increase in equity.
Money in your pocket: Building equity in your home is like building interest in a bank account but only at a more rapid pace. In addition when you sell your home, you can take a tax deduction of $250,000 or $500,000 for a married couple as long as you have owned your house for 2 years. (Capital Gains Tax) Why in the world would you pay someone else (rent) when you can put that money towards your own house that has all of these benefits. Benefit yourself not someone else.
See into the future: If you are paying rent you know that is will increase over the years. How much? Only your landlord knows. When you are paying a mortgage your payment is locked in if you are on a fixed mortgage. As mentioned earlier you can also write off the interest. Many some expenses go down over time as you continue to gain equity. Keep in mind that property taxes and insurance costs will go up.
You are the King or Queen of your own castle: There is no landlord telling what can or cannot do. The home is yours. You can do whatever you want to your home and reap the benefits and enjoyment of your investment.
Stability: Unlike rentals that have a high rate of turnover purchasing a home in a neighborhood allows you to settle in get to know your neighbors and allows you to build friendships. Children are able to go through the education system with the same kids in the area.
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