You might be a Homebuyer IF. . .

Comic, Jeff Foxworthy, has made more than one American chuckle with his, “You might be a redneck IF. . .”

Let’s see if we can bend Foxworthy’s famous line and put it into real estate terms, “You might be a Homebuyer IF...”

The list is lengthy, but here are a few to get you thinking:

• If you are in a high income tax bracket, but have few exemptions. Mortgage Interest on homes continues to be tax deductible, and Property Tax is also deductible.
  
• You wish to build a nest egg by building equity for yourself, rather than building it for your landlord.
  
  
• You want to feather a nest that is yours, rather than someone else’s. Homeownership allows you the ability to improve, upgrade, and express your pride of ownership.
  
  
• You yearn to be in control of your monthly payment, rather than worrying if a landlord will raise your rent.
  
  
• You are tired of hunting for coins to do your laundry. With your own home you can do laundry anytime you like with your own washer and dryer.
  
  
• You are tired of writing that check for rent each month, knowing that it is gone forever.

In addition to the items listed above, there are other great advantages to homeownership. One of the most important comes when it is time to sell. With a principal residence that you have owned and occupied for at least two of the past five years, you are able to earn you up to $250,000 tax-free for IRS purposes on the sale of that house. That’s if you are single – BUT if you are married that tax advantage doubles to $500,000 tax-free.

And it gets better – You can do this as often as every 2 years for the rest of your life.

You do not need to re-invest, and you don’t have to be 55 years of age. The tax rules were changed in 1997 to enhance the benefits of homeownership for you.

I continue to be surprised by the number of folks that aren’t aware of these beneficial tax law changes, even though they have been in effect for well over a decade.

So, “You might be a Homebuyer IF. . .” Give it some thought!