Benefits Of Being A First Time Home Buyer

Benefits Of Being A First Time Home Buyer

Benefits of Being aImage title

 “First Time Home Buyer”

Buying a home is the largest single investment most people will ever make; it is also one of the most important decisions they will face.  I have listed ten reasons why I think it is important for everyone to own a home.

Freedom and Privacy

When you own your own home, you are not subject to the occasional inspections of the premises by the landlord.  You can paint, decorate, or improve the property as you like.

Inflation Protection

Your rent can keep going up, as do house prices.  Once you purchase a home, you, not the landlord, reap the benefits of its appreciation in value.  Historically, home prices will maintain value even in recessionary times, and increase in normal or good economies.

Tax Benefits

Many interest deductions have been eliminated from the IRS regulations, yet mortgage interest on your home is a very healthy deduction, especially in the first years when the bulk of your payment is interest.  Other deductions are also available to homeowners for energy credits or other improvements.  Property taxes are also deductible.

Improvements

Speaking of improvements, a renter gains nothing when he improves the house in which he lives.  A homeowner, on the other hand, reaps a return on those improvements when the house is sold.

Retirement Security

Unlike rent, which goes on forever, a mortgage is paid off at some point in time.  This can provide a “rent-free” retirement dwelling for you.

Environment and Lifestyle

It is usually apparent whether a neighborhood is made up of owners or renters.  Homeowners have a financial stake in their neighborhood, and consequently take better care of their property.  This, in turn, helps your property continue to increase in value.

“Trading Up”

In today’s real estate marketplace, not everyone can afford his/her ideal home as a first purchase.  By purchasing any home, making improvements, and gaining by its appreciation, many people are able to sell their first house and “trade up” to that ideal home of their dreams.

Investment or Income Property

A second home can be an excellent tax deduction and investment.  Interest on a second home is also tax deductible, and you will be able to gain profits and tax benefits from renters.

“Effective” Interest Rate

The interest you actually pay will be much less than you think.  Because the interest is tax-deductible, you may be able to change your withholding or receive a larger tax refund.

Call “Team Krasienko” today at 440-222-6923 to let us help you start working towards your home goals! Thank you.


Patty Krasienko Headshot
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Phone: 440-222-6923
Dated: March 29th 2016
Views: 781
About Patty: Tony and Patty Krasienko, TEAM KRASIENKO, have a combined 18 years experience in real estate. Patty...

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