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What are the Benefits of Buying a New Home?
A very difficult choice that a person or a family can make is between renting and buying a home. This decision can be easier to make if you take a look at what stage of your life that you are in. When you rent you will have the flexibility of being able to move whenever you need to, when you own you first have to sell that home before you move, otherwise you will have an expense of running two households.
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.
Homeowners that have lived in their home for two out of five years, there will be a capital gain exclusion law that will let them deduct up to $500, 000 of the earnings from 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. Except for some dips in the market. This should be a factor that is considered when pondering the benefits of buying a new home.
Think about your monthly payments on your home as rent. By doing this it will help you pay off your home. Every time that you make a payment on your mortgage, this 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. You will no longer have any landlords as we all love them.
Now is the Time to Build a New Home if You Are Planing to
With general contractors being plentiful along with the price of lumber lowering it is the time to build a new home. It might even be that dream home that you have always wanted.
The downturn in real estate has made contractors hunt for work unlike a few years ago when looking for a contractor for a custom was hard to come by. If you start to look for a contractor soon chances are you will find a great deal. As they are mostly all looking for jobs due to the recession.
The contractors are not the only people that are looking for money in these hard times. Stores have lumber, building blocks, and roofing just sitting around finding a great deal should not be too hard. Be certain that you will act soon as it will not always be the time to build a new home.
This is an upside to the poor economy, all of the contractor looking for work will be the better one as the one that had been terrible at their job have now left the business due to the lack of work and no suckers to their deals. So rest easy you will be assured that you will find a great contractor.
For more information on New Home Building, Insulated Concrete Forms or Radiant Floor Heating visit their web site at: Ontario Home Builder , Luxury Home or Repairing/Building Contractor.com
