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New Housing Bill will give first time home buyers additional tax credits.

Now is definitely time to buy.

 Low mortgage rates, lower home values and plenty of homes to choose from, those are the ingredients of the perfect time to buy.

Do not miss out on this opportunity. Contact me today!

 

Renting vs. Buying/Owning


Many people are afraid to take the 1st step toward home ownership. Instead they continue to rent and give their hard earned money to help pay their landlord's mortgage. Below are some of the advantages of home ownership.

  1. Your mortgage interest is tax deductible.


  2. Your property taxes are tax deductible.

  3. If you purchase a home in 2007, without 20% down, your PMI (Private Mortgage Insurance) is tax deductible.

  4. Property appreciates in value every year (about 3-5%).

  5. Pride of ownership and freedom to decorate as you please.

Have you thought about how much you spent on rent over the years? If you are paying $750 a month, that is $9,000 a year, $18,000 for two years. If you are paying $1,000 per month, that is a total of $12,000 the 1st year and $24,000 of you continue to rent for 2 years.

What have you gained from renting? You have spent $18,000 to $24,000 and don't own where you live and have helped your landlord's property appreciate.

Where would you be financially if you had purchased a home instead of renting? If the property you bought was $130,000 and that property appreciated at 5%, you would have increased your net worth $13,325 after two years. And don't forget the tax advantages.

Buying your 1st home can be intimidating, but don't let that fear stop you. There are a few steps involved. Early understanding and preparation will make this a simple process. As Realtors, we work for you. There is no charge to work with a buyer's agent as our commission is paid by the seller's brokerage. We can offer lender, attorney and home inspection recommendations and take you step by step through the buying process.

If you are tired of helping your landlord and want to take the step, email or call me today!


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Special first time home buyers mortgage programs can help you get started on the home ownership path.

 

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