If you've considered the benefits of buying a home, and you are like most first time buyers, you've probably had reservations about whether buying a home is right for you.
The more you know in advance about buying your first home, the easier the whole process will be for you.
Here are five great reasons why you should buy a home now:
Property Appreciation:
Even though real estate moves up, and then down, over a period of years real estate has consistently appreciated, and many who purchase their home consider their investment as a hedge against inflation.
Property Tax Deductions:
Real Estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. Read what the IRS has published regarding tax information for first-time home buyers.
Mortgage Interest Deductions:
Our tax rates highly favor those who own their home. Mortgage interest is fully deductible on your tax return, as long as the balance on your mortgage is smaller than the price you paid for your home.
Paying Your Mortgage down Will Build Equity:
Part of your monthly payment goes directly to the principal balance on your loan, and reduces your obligation. Every payment that you make reduces the interest on your loan, and increases the amount that is paid toward your principal balance. As the amount of your interest decreases, and the amount you pay toward principal increases, the amount of equity you have in your home builds.
The Pride of Owning Your Own Home:
This is the main reason people want to own a home. You have the freedom to make the choices you want, whether it is wall colors, landscaping, or decorating how you see fit.
Owning a home gives a sense of security, and stability. You are investing in your future.
If down payment is of concern to you, read the Purchase Assistance Loan blog by Rick Grand, a Mortgage Broker, in Eugene Oregon. Rick explains how the purchase assistance loan program works, and can give you assistance in getting pre-qualified for a home loan.
Owning a home gives a sense of security, and stability. You are investing in your future.
If down payment is of concern to you, read the Purchase Assistance Loan blog by Rick Grand, a Mortgage Broker, in Eugene Oregon. Rick explains how the purchase assistance loan program works, and can give you assistance in getting pre-qualified for a home loan.
Forbes.com offers the follow video tips for the first time home-buyer: View The Video
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