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Business Real Estate Home Ownership Now is the Best Time Ever
Business Real Estate Home Ownership Now is the Best Time Ever
| Home Ownership Now is the Best Time Ever |
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| Written by PF Guru |
| Monday, 02 March 2009 08:41 |
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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. You don't have to be a tenant forever. With your own house, there are no more increases in your monthly rent and there is for sure spaces for your cars. 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. Capital gains from selling houses are also great for home owners. If you lived in your house for the last 2 years, you won't have to report a capital gain if you sell your house for up to $250,000 ($500,000 if you and your wife owns it and is filing 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. Once you have monthly payments, you will learn to spend less per month in order to live below your means. However, every year, you get a lot of your dollars back through tax savings so it works out to be a great savings plan. About the Author: Want to save money on vacations? Just click that link and Personal Finance Blog by MoneyNing will show you how! Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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