Help Through Every Step
Reasons for Buying
Most large purchases, like cars, boats or electronics, go down in value as they age. Conversely, a home usually increases in value over the years, especially if it’s been well maintained. And if your home’s value has increased substantially by the time you’re ready to move, you may be able to profit from its higher resale price.
Home ownership does require you to pay some extra fees, such as property taxes and interest on your mortgage balance. But fortunately, both of these expenses are usually tax deductible.
Borrowing against your home’s equity may provide a tax break, too. Interest on home equity loans of up to $100,000 are usually tax deductible. In addition, if you’ve used your house as a primary residence for two or more years, you can exclude up to $250,000 (or $500,000 if you and your spouse file jointly) in capital gains when you sell the property. (Check with your financial advisor for advice on your personal tax situation.)
Finally, home ownership has plenty of non-financial benefits, too. When you own a home, it’s yours; you can do what you want with it in terms of decorating, gardening or renovating.
Remember, you not only own the house, but the land it sits on. There are few things as empowering as knowing that there’s a piece of the world out there that belongs to you; a place you can truly call home.
Tips for Home Buyers
No one wants to contract a case of buyer’s remorse. Why, then, are there so many people out there who suffer from it? The answer is simple: most of these people engaged in a transaction without enough knowledge and information. The best way to make sure that you choose the right home is to properly prepare yourself.
Your home will likely represent one of the largest investments in your life. In order to make sure that the transaction goes smoothly, it’s of vital importance that you choose the right agent to represent your interests. That agent should be someone whose experience and personality makes you feel comfortable. You should also try to find an agent that is familiar with and knowledgeable about the area into which you plan to move.
The last thing you want to discover after you’ve bought a home is that you’ve purchased a “money pit”. A “money pit” is a home that’s full of defects that will end up costing you a lot of money. Save yourself a lot of time in future litigation and renovation by bringing in a licensed home inspector before you buy. If any problems are found, it will steer you away from a bad decision or help you negotiate a better price.