Nine Reasons to Buy a Home: Part I

If you are like many renters, and most first-time homebuyers, the phrase “home ownership” pranced across your lap.

You may have a friend, family member, or coworker, who recently purchased a home, gave you advice encouraging you to grow up and buy a home, or you simply cannot stand living in your parent’s basement or near the train tracks forever.Relax. The right time to purchase a home is different for everyone, and the more you know about why you should buy a home, the less scary the entire process will appear to you. Here are is Part I of a III part series on nine advantages of buying a home.

1.Appreciation –As in a rise in value or price, over time, though you will also appreciate the stains in your bathroom no longer resembling the Chicago River.

Just like your mood changes due to Chicago weather, national and local real estate markets move in cycles as well. Sometimes up, sometimes down, historically, real estate has consistently appreciated on a gradual basis. Many people also view their home as a method to counter inflation as home prices have historically increased in value faster than the decrease in value of the dollar. Check out historical home values here where you will see we are right where we should be for historical home value growth http://mysite.verizon.net/vzeqrguz/housingbubble/

2. Mortgage Interest Deductions – A portion of your monthly payments are tax deductible, a natural defense from Uncle Sam’s tax hungry fingers.

Home ownership is a superb tax shelter with favorable tax rates, breaks, and incentives that favor homeowners, reducing your yearly tolls. Since interest is the largest component of your mortgage payment for the majority of your loan term, this means excellent year-end savings. You can use this money to buy some bleach for your previous roommate that is still stuck in your old dingy apartment.

3. Property Tax Deductions – Even more savings from this past April’s painful donation to the IRS.

Real estate property taxes paid for a first/primary home and a vacation home are also fully deductible for income tax purposes. This means that your monthly tax payments will mean additional end of year savings, helping you get back some of that money from your paycheck you never even got to touch in the first place.

If you would like to speak to someone about all of the advantages of buying a home today email Joel Holland or call us at 312-377-4663.