Please check with your CPA to see if and how you can qualify for these deductions.
Many tax advantages: The Home mortgage interest deduction. The deduction for Real Estate Taxes paid. Closing cost or settlement costs deductions. A deduction for home office use. When you sell your house there are some tax advantages, including the Capital Gains Tax Exclusion,1031 Exchange for investment properties.
Veterans can obtain special mortgage and tax benefits: The Department of Veterans Affairs originated to provide a large variety of financial benefits for veterans and their dependents.
The school tax (Star Program.) The middle income rebate. (Check with the NYC Department of Finance to see if you are eligible)
Stability, Homeownership brings a great feeling of stability to you and your family. Homeowners stay longer/ less transient/ Homeowners have a sense of belonging.
Helps establish financial creditability, proving you make your monthly payments on time or paying off your loan help s to strengthen your financial creditability.
Security, owning a home is one of the best ways to have a sense of financial & emotional security.
Independence, it is a wonderful thing not to have to rely on a landlord to provide you and your family with enough heat. You never have to worry about someone giving you notice that they need you to leave because they are selling or need the apartment you are living in for a relative. You can usually upgrade and make improvements to your property any way you want. If you are living in or planning to purchase a property in a planned unit development or condo, than certain restrictions may apply.
Builds wealth, as you build equity in your home in the long run, it builds wealth. As you make improvements to your home it adds value. Be careful and don't make the mistake of over improving.
Improves communities, Homeowners for the most part love improving their homes. They make interior and exterior improvements. It enhances the street appeal of the property. Homeowners are more involved in community or civic matters.
Excellent Investment, Real Estate has always been an excellent investment. It's like having money in an account. The longer you keep a property the more equity you build.
Benefits the economy, almost everything relates to homeownership in one way or another. The list is too long to go into in detail. When there are changes in the economy you can rest assure you will hear a lot of talk about housing starts and interest rates just to name two.
Self satisfaction, There is no greater feeling than Homeownership.
Pride of ownership, Home improvement stores, websites and TV shows are all doing well. Homeowners take pride in their homes and enjoy Confidence (self assurance.)
Arlene Trunzo, Licensed Real Estate Broker
A.T. Real Estate Specialists
Staten Island, NY Realtor
atrealestatespecialists.com
cmyrealtor@aol.com
718-317-0949 (Office)
917-359-1985 (Cell)
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