The economy is bad right now. Unemployment rate is high and who knows which banks will still need bailouts. Most people will say it's crazy to buy a home right now but there are people that aren't listening to that advice. They want to beat the rush and buy a house now. Here's why:
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
There are lots of homes for sale right now. This means that you can take your time to look for the house that you can't live without. Either that or you can ask the seller to fix everything to your liking before you will sign the lease.
No more landlords if you aren't a tenant anymore. You also don't have to deal with the yearly rent increases that those evil landlords seem to always make you pay. You are also guaranteed parking space when you own.
If you are renting, chances are that there are no yard. If your wife is like mine, she will want to plant something when she gets that house!
There are tons of tax benefits of owning real estate. Did you know that you can deduct all the mortgage interests and property taxes against your earned income? I've seen savings of up to ten thousand dollars per year in tax savings. This is definitely one of the major draws of owning a house.
IRS really likes people buying houses because anyone can have $250k of capital gains tax free. In fact, you don't even need to report it if you lived in the house for at least 2 years (the limit is actually $500k if you and your wife both own the property and file taxes jointly).
When you buy a house, you finally get that ownership feeling that renting will never give you. You finally own a piece of the American dream. You can be proud about the new possession that you have.
Having a mortgage also helps you spend less because you seem to have a big payment. If you can save all the tax savings every year, you will be in good shape (in a savings perspective). - 16928
The interest rates are at a record low right now! You can literally get a mortgage without much interests. For people that love leverage, this is the way to get ahead in the rat race. The only way to get it right now though is with good credit, so talk to your lender first before deciding.
There are lots of homes for sale right now. This means that you can take your time to look for the house that you can't live without. Either that or you can ask the seller to fix everything to your liking before you will sign the lease.
No more landlords if you aren't a tenant anymore. You also don't have to deal with the yearly rent increases that those evil landlords seem to always make you pay. You are also guaranteed parking space when you own.
If you are renting, chances are that there are no yard. If your wife is like mine, she will want to plant something when she gets that house!
There are tons of tax benefits of owning real estate. Did you know that you can deduct all the mortgage interests and property taxes against your earned income? I've seen savings of up to ten thousand dollars per year in tax savings. This is definitely one of the major draws of owning a house.
IRS really likes people buying houses because anyone can have $250k of capital gains tax free. In fact, you don't even need to report it if you lived in the house for at least 2 years (the limit is actually $500k if you and your wife both own the property and file taxes jointly).
When you buy a house, you finally get that ownership feeling that renting will never give you. You finally own a piece of the American dream. You can be proud about the new possession that you have.
Having a mortgage also helps you spend less because you seem to have a big payment. If you can save all the tax savings every year, you will be in good shape (in a savings perspective). - 16928
About the Author:
Want to save money on vacations? Just click that link and Personal Finance Blog by MoneyNing will show you how!
0 comments:
Post a Comment