subject: Questions About Santa Monica Foreclosures [print this page] Santa Monica Foreclosures - How you can Get a bargain on the Best Ones Tip 413
Are you currently contemplating the purchase of a home? The time may be right to make your move out of the world of renting and into home ownership. Buying a home brings with it countless benefits. The first thing that you should ever do is to consult a mortgage advisor. About a year ago when I was searching for Santa Monica foreclosures, my mortgage advisor gave me most helpful advice.
Some great benefits of buying your own home
First: Home equity - house values go up, full stop, what happened recently economically was just a temporary blip. Equity is created in two ways. Firstly, your monthly mortgage repayments will result in a lowering of the total amount which you owe. This entire process is termed principal pay down. The next way equity is gained is thru home values going up. House prices recently have actually decreased, but this is not usual so don't let that put you off, in fact it means that now is a great time 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--None of us like paying taxes. Mortgages present you with an incredible opportunity to save money on tax. In fact, property tax and the interest payable on a mortgage is in fact tax deductible. By way of 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. This means that you are able to decorate and remodel your home the way that you choose. You can make new friends in the form of neighbours and decide how long you want to stay there. Recently when I was searching for Santa Monica foreclosures, I made friends with people in the neighbourhood by just looking around the houses. Your kids also have the chance to settle in to a local school and make friends for life. You will also no longer be wasting your money renting.
If this is something that you would like then go ahead and speak to a realtor and a mortgage broker or bank. When you are aware exactly how much you can afford in terms of a house, then you can start the hunt. On a side note though, if you are looking for inspiration in terms of areas to live in, then look for Santa Monica foreclosures.
