Real Estate Purchases are Great These Days
With the financial crisis still being played out, many people are scared to buy a home. However, there are many people selecting their homes right now and buying them up still. Why? Here are some reasons why.
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
There are lots of homes for sale right now. This means that you can take your time to look for the house that you can’t live without. Either that or you can ask the seller to fix everything to your liking before you will sign the lease.
When you buy a place, you no longer have to deal with your landlord! Rent increases are a thing of the past, not to mention that there are no parking problems!
Having a yard where you own is great because you can have your own vegetable garden. I know people that actually sell their crops to make money.
There are tons of tax benefits of owning real estate. Did you know that you can deduct all the mortgage interests and property taxes against your earned income? I’ve seen savings of up to ten thousand dollars per year in tax savings. This is definitely one of the major draws of owning a house.
Capital gains from selling houses are also great for home owners. If you lived in your house for the last 2 years, you won’t have to report a capital gain if you sell your house for up to $250,000 ($500,000 if you and your wife owns it and is filing jointly).
Now onto the American dream. Who doesn’t want that? When you buy, the pride factor should be worth the price alone.
Monthly payments will be big but that means you will learn to spend less. This is an automatic savings program because you will get a huge tax refund, in which case you can save it all up.
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