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Ah. The American Dream.
How would you like to own your own home?
Read on to see how it can benefit you and your family’s life.
Owning real estate versus renting has many advantages. When you own your home you can do what you want with it. You can paint the walls, redo the floors, kitchen and bathrooms, add improvements or whatever changes you would like to make it “your home.” And most of these improvements will add value to the property.
And then there are all the financial benefits of home ownership.
First, most of America’s wealth is due to the appreciation of their property values. Although appreciation is unlikely in the near future, by 2010 to 2011, prices should start climbing again, as they always have. Now is a time to get in when the market has bottomed out. It is even possible to buy houses below market value right now if you find a motivated seller.
Secondly, when you make your mortgage payments, you are paying off your mortgage and building equity. Renters pay off the landlord’s mortgage. We also have a program to help you pay off that mortgage quickly, saving thousands in interest payments.
When you choose to sell your home to cash in on the appreciation and equity buildup, there are two great tax benefits. For a married couple, the first $500,000 in capital gains is not taxed as long as you lived in the house for two years. For example, if you bought a house for $200,000 and sold it for $700,000 you don’t pay any taxes on the $500,000 in capital gains. And if you sold the house for $800,000, the extra $100,000 is taxed at the “capital gains” tax rate which is lower than earned income tax rates.
Other annual financial benefits are the tax deductions for your mortgage interest and property tax payments. Interest payments for your car or credit cards are not tax deductible. So home owners often take out a home loan to pay off other loans that are not tax deductible, and then they can deduct the interest payments.
And most importantly, now is a great time to buy your first home.
Market prices in 2005 left many first-time homebuyers without hope of owning real estate. However, the market has shifted significantly since then. Prices have come down considerably and mortgage rates are still low. If you looked at housing and were unsuccessful during the buying craze of 2003 to 2005, now is the time to go back out and buy your first home. There are still first-time homebuyer loans available with no to low down payments.
It’s a buyer’s market!
The current inventory of houses available is the largest in years. And sellers are forced to take lower offers because there is so much competition.
Remember, we are home buying experts. Our company, Reliable Housing Solutions, Inc. is an All American Homebuyers affiliate. Put our expertise to use.
Contact us today. Let’s get you into your home. You deserve to live the American Dream too.
Here is a list of some buy versus rent calculators showing how buying can easily save you thousands of dollars over a five to ten year period:
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