Snow Day in Winston Salem, North Carolina
FIRST TIME HOME BUYERS FOR HOMES FOR SALE IN WINSTON SALEM TRIAD NC
There are several reasons why owning a home is better renting an apartment or a house. The housing industry is set for an upswing right now in the Winston Salem and greater Triad region of North Carolina. The main reason is because of the tax incentive for First Time Home Buyers (as well as other homeowners now included) Here's the basics for First Time Home Buyers:
TIME OF OF THE ESSENCE
- Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010
- The purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase
- Credit may only be awarded on homes purchased for $800,000 or less.
- Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.
- The buyer will have until July 1, 2010 to close.
Here are several reasons why home ownership is better than renting:
- Homeowners can deduct the interest paid on their mortgage and the taxes paid on the property. There are also some deductions for costs involved in the purchase process of a new home as well.
- Real estate has long-term, stable growth in it's value. Generally homes have a history of an average of 6.5% increase in value each year.
- By paying mortgage payments rather than rent, homeowners have the opportunity to build equity, unlike renting, where your dollars paid, are benefiting the landlord and not the homeowner.
- Building equity in your home is like having a "Built-In Savings Plan". When you sell your home, generally you can take up to $250,000 ($500,000 for married couples) as a gain without owing the government for income tax on that gain.
- Rent payments usually go up every year. A "Fixed-Mortgage" payment does not. Taxes and insurance costs will increase. But the longer you stay in your home, housing costs may actually decrease as opposed to renting.
- You can decorate your home any way you want. Landlords generally have restrictions to those sort of things.
- Stability in family relationships, developing community activities and being good neighbors are great benefits of homeownership. This stability also provides your children with lasting benefits of continuity in their educational pursuits, which is a great benefit of owning a home.
I would like to help you reach your real estate goals. Please visit our website at Park Place Real Estate to perform searches for homes for sale in the Winston Salem and the Greater Triad Region ... whether you're a BUYER or a SELLER . There is no obligation to ever purchase or sell any real estate by using this free service.
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