Charlotte NC First Time Homebuyer Handbook, Part 1: 5 Reasons to Own Your Own Home
Why rent when you CAN buy? Why pay someone else's mortgage for them? When you're a renter, you're doing just that--making your landlord a nice little nest egg for his or her retirement!
Much ado is being made in the news today that the banks aren't lending money and that no one is able to secure a mortgage. Well, let me tell you--Not ONE of my clients turned down for a mortgage during this last year! Banks ARE lending money and chances are you can own your own home for the same amount that you're paying in rent. With interest rates at a historical low right now, it's a great time to secure that mortgage and purchase your OWN home!This is the first in a series of articles to get you started on your way to taking pride in homeownership. 5 Reasons to Own Your Own Home
1. Tax breaks: The U.S. government allows you deduct the interest which you pay on your mortgage, your property taxes, as well as some of the costs involved in purchasing your home. This benefit continues each year of homeownership. As well, currently there is a $7,500. federal tax credit which will be applied to the purchase of your home. Inquire with your Realtor® or Lender.
2. Appreciation: Despite the current economy, real estate has long-term, stable growth in value in general. While year-to-year fluctuations are normal, median existing-home sale prices generally increase and have increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. The number of U.S. households is expected to rise 15 percent over the next decade, especially with the purchase of a home at today's low prices. Yet another benefit in the building of equity in your home, is the ready-made savings plan; when you sell, you are allowed take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax. Consult your CPA regarding any tax questions you may have.
3. Equity: Money paid for rent is money that you’ll never see again, money used to pay your landlord's mortgage! Conversely, mortgage payments allow you build equity ownership interest in your own home.
4. Predictability: Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase. Also, remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
5. Freedom: The home is yours! You may decorate any way you want, have pets, build a storage building on your property (with permission from your HOA), landscape to your heart's content and benefit from your investment for as long as you own the home.
Calculate whether buying IS the best financial option for you by utilizing this “
Buy vs. Rent” calculator.
Should you be ready to buy before the series is complete, please don't hesitate to phone or email me for the remainder of the information to get you well on your way to homeownership!
Don't know what your credit score is? Read this.
About the author:
Debe Maxwell is a
Charlotte Residential Real Estate Broker, Certified Neighborhood & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the
Charlotte NC Metro Area. If you're relocating to or from any other area of the country, Debe connects you with any member of her team of relocation professionals in your destination or exit city of choice. The destination service is of no cost to you!
The Maxwell House Group's quality service guarantee puts this team far ahead of the competition; providing unsurpassed customer service is their #1 priority! Debe Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright© 2009 By Debe Maxwell, All Rights Reserved...**First Time Homebuyer Handbook, Part I**
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.