Why rent when you CAN buy? Why pay someone else's mortgage for them? Whenyou're a renter, you're doing just that--making your landlord a nicelittle nest egg for his or her retirement!
Much ado is being made in the news today that the banks aren't lendingmoney and that no one is able to secure a mortgage. Well, letme tell you--Not ONE of my clients turned down for a mortgage duringthis last year! Banks ARE lending money and chances are youcan own your own home for the same amount that you're paying in rent. With interest rates at a historical low right now, it's agreat time to secure that mortgage and purchase your OWN home!
Thisis the first in a series of articles to get you started on your way totaking pride in homeownership.
5 Reasonsto Own Your Own Home
1. Taxbreaks: The U.S. government allows you deduct the interestwhichyou pay on your mortgage, your property taxes, aswell as some of the costs involved in purchasing your home. Thisbenefit continues each year of homeownership. As well,currentlythere is a $7,500. federal tax credit which will be applied to thepurchase of your home. Inquire with your Realtor® orLender.
2.Appreciation: Despite the current economy, realestate haslong-term, stable growth in value in general. Whileyear-to-year fluctuations are normal,median existing-home sale prices generally increase and have increased 88.5 percent over the last 10 years,according to the NATIONAL ASSOCIATION OF REALTORS®. The number of U.S. householdsis expected to rise 15 percent over the next decade, especially withthe purchase of a home at today's low prices. Yet anotherbenefit in the building of equity in yourhome, is the ready-made savings plan; when you sell, you areallowed take upto $250,000 ($500,000 for a married couple) as gain without owing anyfederalincome tax. Consult your CPA regarding any tax questions youmay have.
3. Equity: Money paid for rent ismoney that you’ll never see again, money used to pay yourlandlord's mortgage! Conversely, mortgage payments allow youbuild equityownership interest in your own home.
4.Predictability: Unlike rent, yourfixed-mortgage payments don’t rise over the years so yourhousing costs mayactually decline as you own the home longer. However, keep in mind thatproperty taxes and insurance costs will increase. Also,remaining in oneneighborhood for several years gives you a chance to participate incommunityactivities, lets you and your family establish lasting friendships, andoffersyour children the benefit of educational continuity.
5.Freedom: The home is yours! You maydecorate any way you want, have pets, build a storage building on yourproperty (with permission from your HOA), landscape to your heart'scontent and benefit from your investment for as long asyou own the home.
Should you be ready to buybefore the series is complete, please don't hesitate to phone or emailme for the remainder of the information to get you well on your way tohomeownership!
Don'tknow what your credit score is? Read this.
Aboutthe author:
DebeMaxwell is a CharlotteResidential Real EstateBroker, Certified Neighborhood & Relocation Specialist, ABR&e-PRO who can assist you with the purchase and/or sale of real estatein the Charlotte NCMetro Area. If you're relocating to or from any other area of thecountry,Debe connects you with any member of her team of relocationprofessionals in your destination or exit city of choice. Thedestination service is of no cost to you! TheMaxwell House Group'squality service guarantee puts this team far ahead of the competition;providing unsurpassed customer service is their #1 priority! DebeMaxwell -- The Maxwell House Group -- 704.491.3310
Disclaimer: Allinformationprovided by this author is strictly an opinion, is not guaranteed, maybe based on information collected from several sources, which may ormay not be deemed reliable at the time of researching this article andmay be time sensitive.
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