As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing
Great Reasons To Buy A Home
There are still plenty of good reasons to buy a home.
It is all yours. You can paint the walls any color you like, go get as big or small a dog as you want and you can renovate the entire house to make it just the way YOU want. Home ownership is a part of the American dream.
You will get a better home and it will cost less than renting. There are many areas of the country where there is very little opportunity for renting in the desirable neighborhoods.
Mortgages rates are still low. In 2010 a 30-year loan was around 4.3 percent. As of December, 2014 according to Wells Fargo, their 30-year fixed rate was 4.0 percent. A 30-year FHA mortgage is 3.875 percent.
You will save on taxes. Mortgage interest can be deducted from your income reducing your taxes. Real estate taxes are also deductible. According to current law, gains on the sale of your primary residence are tax-free, up to some pretty good thresholds.
Remember that buying a home has always been a great long-term investment. The appreciation your house goes through next month, next quarter or even next year, is nothing compared to what it will be five years and many more down the road.
Sam Lepore is a Realtor with Keller Williams in Moorestown, NJ. Call him today at 856.297.6827 ....