What Are The Benefits Of Buying A New Home?

One of the most important and one of the most difficult choices a person can make is between renting and buying a house. This can all fall into what stage you are currently standing in your life. Renters have a big flexibility, they can move whenever the need is, and they are not stuck with a mortgage before the house is sold.

The main thought when you consider buying a home is you will be eligible for many economic benefits from your investment. If you choose to be a homeowner you will have to your advantage many tax incentives, like property tax and mortgage interest deductions. Being a first time home buyer you should notice that your taxes are fully deductible.

If you dwell in your home for two out of five years, a capital gain exclusion law will let you deduct up to $500,000 of your earnings off of capital gains. This is a great bonus because it means lower tax for homeowners.

Real estates trend always gains over the years, unlike a car or a boat, the value of your home should always increase. Excluding a few major dips in the market. This should be a factor that is considered when pondering the benefits of buying a new home.

See your monthly payments on your mortgage as rent. This makes it easier to pay off your home. Every cent that you put against your mortgage, it increases the equity on your home.

When you buy your new home it is yours, you have the advantage of painting wherever you want, and you can remodel any way you like. Another key bonus is no more landlords.

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