Are you stuck between Renting or Buying? Read at this fantastic article, and contact FreedomPropertyManagement to help!!

 

BUYING VS. RENTING:

The Benefits of Home Ownership

 

 

Trends in home prices, personal income and mortgage rates,

combined with the tax advantages of home ownership, make

this an excellent time to turn your dream of homeownership into

a reality. If you’re thinking of buying a home, you’ve probably

already asked yourself, “Can I afford to buy?” Another good

question to ask is, “Can I afford to continue renting?” No matter

what you’re currently paying for rent, your total cash outlay over

a period of several years will probably add up to a much bigger

total than you may have realized.

  

MORTGAGE RATES

Rates for conventional 30-year fixed rate mortgages remain at

historically low levels, and increasingly popular alternate forms

of financing (FHA, VA, and Rural Housing Loans) may make

your home even more affordable.

  

HOMEOWNER TAX ADVANTAGES

When you’re figuring out how much you can afford to commit to

monthly mortgage payments, don’t forget the tax advantages of

home ownership. Both property taxes and interest payments on

a mortgage for an owner-occupied home are currently tax-deductible.

In the early years of a typical mortgage, all but a small

percentage of each monthly payment is used to pay off the

interest on the loan. This means that as a homeowner, your

annual taxable income could be substantially reduced by

deducting the payments you make on property taxes and yearly

mortgage interest. Ask your CPA, attorney or tax preparer how

buying a home now would affect your tax situation at the next

filing deadline on April 15th.

 

 HOME VALUE APPRECIATION

In addition to tax advantages, you can also benefit from any

increase in the value of your home both through appreciation

and improvements you add for your own comfort and enjoyment.

Take a good look at your personal financial situation in

comparison to housing price trends and mortgage plans

available in your community. You will probably discover that you

are closer to home ownership than you realized. And that, in

fact, this is the time you’ve been waiting for.

Buying a home is probably one of the biggest investments you

will ever make. When it is your first home, it is especially

important that you seek qualified assistance. Your local real

estate agent or broker, has the experience and expertise to help

you find and purchase the home of your dreams.