December 30th, 2015 9:48 AM by Christopher Terry
Growing up, most of us imagined living in a home that we owned. A home that we could decorate to our perfection, and a place with a big enough backyard for the kids and dogs to run free in.
For many though, it is hard to take the leap and buy a home. That is why here at E Z Home Search Real Estate we want to give you a comprehensive buying guide so that you don’t feel alone when you start the search for your perfect home.
This is Part 1 is a series to guide you through the process. To start off our guide we’re going to give you the top reasons why you should buy a home.
Quality of Life-- No more loud neighbors stomping in the apartment above. No more leaky sink that you have to wait for the landlord to fix. No more restrictions on paint colors and candles. In your own home, you can get that leaky sink fixed by the end of the day. Or you can paint your bedroom a deep red and burn as many candles as you would like! The quality of your life when you own your very own home is improved.
Tax Deductions-- Buying a home gives you tax reductions for both mortgage interest and property taxes. Property taxes and qualified interest are deductible on an individual's federal income tax return. This means more of your hard earned money can stay in your pocket.
Make Money-- With the guidance of the right Real Estate Broker you have the potential to buy a home that you can get a return profit on in the future.
Capital Gain Treatment-- A homeowner can exclude up to $500,000 of capital gain tax if married and filing jointly or up to $250,000 if single or filing separately when you sell your home. The home must have been the taxpayer's principal resident for the previous two years.
The American Dream-- The love of your life making pancakes as you drink coffee on your back deck while watch the children laugh and play with the new puppy. Owning a home is the American Dream. It is what we have all been taught to reach for; it is the ultimate goal. And by working with us, we can make this dream a reality.
Leverage-- At the current interest rates, you can put your money to work somewhere else. These days you can still purchase a home for as little as 3.5% down.
Why Rent?-- When you can put your hard earned money towards something you own and can have forever, why are you still renting? And if we are talking numbers: The real cost of renting at $700 per month with 6% rental increase per year means you will pay $110,719 over 10 years. In ten years of renting you can practically pay off your house! It’s a no brainer!
Stay Tuned! In Part 2 of this series we’ll give you Five Important Tips to consider Before You Buy!
Over to You:
Are there more things you considered when buying your home? Comment below and let us know!
Mariah Terry is passionate writer and blogger studying Journalism at Emerson College with a minor in Marketing. See her work at mariahjterry.wix.com/reblogs.