subject: What Buyers Need To Know About Santa Monica Foreclosures [print this page] Santa Monica Foreclosures and What Buyers Want to Understand About Them Tip 617
Are you currently thinking about buying a house? Maybe you feel it is now time to leave the renting market. Purchasing a home brings with it countless benefits. However, the first task is to consider these advantages and get pre-qualified with a mortgage lender so that you know what kind of home you really can afford. About a year ago when I was searching for Santa Monica foreclosures, my mortgage advisor gave me most helpful advice.
The possible advantages of owning a home
First: Home equity - house values go up, full stop, what actually transpired recently economically was just a temporary blip. Equity is created in two ways. First, as you make your monthly payment a portion goes to pay down the amount you owe. This is known as principal pay down and creates equity in your home. Home equity is generated in the second way via house prices increasing. The last 2 or so years have bucked the trend as house prices have in fact not increased, but decreased - which in fact means that it is time for you to buy. One of the best investments in terms of property at present is the one offered by buying into Santa Monica foreclosures.
2: Tax Savings - We all want to save in this area. Mortgages present you with an amazing opportunity to save money on tax. Property taxes and the interest you pay on a mortgage is tax deductible. As an example, if you end up paying 30% of your income in taxes then you essentially get 30% of your house payment back in tax savings. This is where home ownership is far more beneficial than renting. Don't assume that these tax rules are correct though, they change between states so check first. For example the tax rules regarding Santa Monica foreclosures are notoriously obscure.
3: Settled in - You are able to settle in when you become a house owner. By this, what we mean is that you can personalize your property. You will have opportunities to make new friends in your area. Recently when I was searching for Santa Monica foreclosures, I met some great people just looking round the houses. Your children, if you have them obviously, then call also settle down for the most important academic years of their life. There is a feeling of security and consistency that comes from investing in a home rather than renting and being at the mercy of a landlord.
If this is something that you would like then go ahead and speak to a realtor and a mortgage broker or bank. Once you know what price home you can comfortably afford, you are able to look at location, style, and the size of the home that you want to pursue when purchasing a home. On a concluding note, if you are looking for a home in California then search for Santa Monica foreclosures.
