Thinking about buying a house? Not sure if it's the right time for
you? Buying a house is a huge decision and one that should not be taken
lightly.
Many things should factor into your decision to buy a home, but if you are close to buying and just need a push in the right direction, we have compiled a list of the nine most beneficial reasons to buy instead of rent:
1. Tax Deduction Benefit - Did you know there are deductions you can claim when it comes to your home mortgage? Any interest paid on your mortgage can reduce your taxable income. At the end of every year, the company that owns your mortgage will send you a statement with how much interest you have paid on your loan for the year (Form 1098 - here is a sample of what it looks like). Bring your 1098 forms to your tax preparation professional and take advantage of the mortgage interest deduction afforded to home owners.
2. Aesthetics - Owning a home gives you the opportunity to make any changes without worrying about what your landlord would say. You can paint rooms a bright new color, change old carpeting to hardwood floors or even makeover your bathroom into spa heaven! Not only do you get to enjoy new surroundings and new things but the value of your home should increase. Building equity in your house is one the largest sources of household wealth for Americans.
3. Security - When you rent, you could be forced to leave in a year if the rent goes up or if you get noisy neighbors above or below you. With your own home, your rent won't go up (it actually could go down if you refinance) and you won't be sharing any apartment walls or ceilings with anyone noisy!
4. Better Neighborhoods - When the people you live by own their own properties, they are willing to invest more in the community, which makes it nicer and safer for families.
5. Better Economy - If more people buy homes, more money will be inserted in market. This helps create more jobs and more economic stability. Strengthening the housing industry will create many positive effects on the overall economy.
6. Higher Academic Achievement - According to HouseLogic, home ownership tends to bring about higher academic achievement in our children.
7. Improved Health - According to HouseLogic, homeowners and their families tend to be
healthier than those families who rent.
Many things should factor into your decision to buy a home, but if you are close to buying and just need a push in the right direction, we have compiled a list of the nine most beneficial reasons to buy instead of rent:
1. Tax Deduction Benefit - Did you know there are deductions you can claim when it comes to your home mortgage? Any interest paid on your mortgage can reduce your taxable income. At the end of every year, the company that owns your mortgage will send you a statement with how much interest you have paid on your loan for the year (Form 1098 - here is a sample of what it looks like). Bring your 1098 forms to your tax preparation professional and take advantage of the mortgage interest deduction afforded to home owners.
2. Aesthetics - Owning a home gives you the opportunity to make any changes without worrying about what your landlord would say. You can paint rooms a bright new color, change old carpeting to hardwood floors or even makeover your bathroom into spa heaven! Not only do you get to enjoy new surroundings and new things but the value of your home should increase. Building equity in your house is one the largest sources of household wealth for Americans.
3. Security - When you rent, you could be forced to leave in a year if the rent goes up or if you get noisy neighbors above or below you. With your own home, your rent won't go up (it actually could go down if you refinance) and you won't be sharing any apartment walls or ceilings with anyone noisy!
4. Better Neighborhoods - When the people you live by own their own properties, they are willing to invest more in the community, which makes it nicer and safer for families.
5. Better Economy - If more people buy homes, more money will be inserted in market. This helps create more jobs and more economic stability. Strengthening the housing industry will create many positive effects on the overall economy.
6. Higher Academic Achievement - According to HouseLogic, home ownership tends to bring about higher academic achievement in our children.
7. Improved Health - According to HouseLogic, homeowners and their families tend to be
healthier than those families who rent.
8.
Low Rates - Rates are at historic lows! Rates are hovering below 4
percent for 30-year fixed rate mortgages. According to FreddieMac,
mortgage rates ten years ago were more than double what we are
experiencing today! For information on the history of mortgage rates,
click here.
9. Home Affordability - Home prices have fallen dramatically and will eventually begin to rise.
9. Home Affordability - Home prices have fallen dramatically and will eventually begin to rise.
Finance the home of your dreams - before home prices begin their inevitable ascent!
The
views, opinions, positions or strategies expressed by the authors and those
providing comments or external internet links are theirs alone, and do not
necessarily reflect the views, opinions, positions or strategies of First
Capital, we make no representations as to accuracy, completeness, current,
suitability, or validity of this information and will not be liable for
any errors, omissions, or delays in this information or any losses, injuries,
or damages arising from its display or use. Any
information provided does not constitute an offer or a solicitation to lend.
Providing information to purchase does not guarantee a loan approval. All registered
trademarks, copyright, images, or other items used are property of their
respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a
direct lender, Dept. of Corporations file #413-0713 NMLS#4256
Visit FirstCapital Online or call: 310-458-0010
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.