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.
Related Posts to this topic:
Forbes.com offers the follow video tips for the first time home-buyer: View The Video
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541-466-5094 Office • 541-936-1630 Cell • 106 W Bishop Way, Brownsville OR 97327
Written By: Alecia A. Barnes -Proud to be a Realtor® in the State Of Oregon - Serving Albany, Brownsville,
Corvallis, Eugene/Springfield, Halsey, Lebanon, Sweet Home, and the surrounding areas. If you are thinking of
moving to Oregon, or are looking to list or buy property, give me a call, I'd love to help!
Photo Courtesy of Flickr: dsb nola
I Represent Buyers, Sellers, Investors and Builders, in Albany, Brownsville, Lebanon, and surrounding areas in Linn County. Search MLS Listings and more at: www.trhunter.com
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Alecia: Great tips for firstime homebuyers. I hope your posted this in that group. I tell people all the time that this is a great real estate market with historically low interest rates and money to loan. I know it's a little different for first timers since I deal primarily with second home buyers but buying beats renting almost every time in my book.
Great blog Alecia..you touched on a couple of points that I don't think people seem to think about. I enjoyed talking with you this morning, I hope you have a good week!
Alecia, you did a great job on this post and made it very informative. Now is a great time to buy! Everyone I know who looks back says, "I wish I would have bought real estate 5 years ago, 10 years ago, 20 years ago, etc." Every day there are more people and there is less land, so the value is going to continue to rise. And no one should take for granted that home ownership is a great tax benefit! It is not like that everywhere!
Excellent points, now is a great time to buy, if buyers are qualified. There is plenty inventory to choose from so buyers have their pick of the litter. And lenders too will compete for business from qualified buyers.
Great advice and so true....Love the new look of the blog!