subject: All About Benefits of Buying a New Home [print this page] 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.
New Home Purchase Benefits
The main thought when you consider buying a home is you will be eligible for many economic benefits from your investment. Homeowners benefit from many tax incentives, such as property tax along with 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 means lower tax for homeowners.
Over years real estate always gains, this is not like a car or a boat, the home value will always increase. Excluding a few major dips in the market. When viewing all the benefits of building a home, this should be a topic that is thought of well.
See your monthly payments on your mortgage as rent. This makes it easier to 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.
