Looking for a reason to buy a new home? Not sure of the financial implications? Listed below are four reasons buying a new home is a solid financial move.
A new home can be an investment that pays dividends if you know what you are looking for. According to Smartasset.com most communities have homes that have been foreclosed on by banks and can be bought below market value. Banks are not real estate companies and are eager to get rid of foreclosed property, even at a loss. Buying a foreclosed home below market value is a good way to watch your investment increase with a rising market. The resale value of your home would have the potential to increase substantially over time.
Owning a home will give you tax breaks on your mortgage. In addition, according to U.S. News, when you sell a home that was a primary residence, and has been occupied for less than two years, for under $250,000 dollars, you do not have to pay any capital gains tax.
Banks see borrowing for a mortgage as one of their less risky loans and are willing to give homebuyers with good credit lower interest rates. This makes owning a home in many markets cheaper than renting a residence, and you have the added value of receiving something in return for your monthly payment.
A home can be a future source of income for retirees. When a home is paid off it becomes a good candidate for a home equity loan, which can give retirees the extra money they need to supplement their income.
There are other good reasons for buying a new home such as emotional attachment or putting down roots in a community. Ultimately it is up to the homeowner to decide why they want to purchase a new home, but as shown above it is one of the most financially sound investments that anyone can make.
Author:Jose Hooker Phone: 407-272-6986 Dated: May 18th 2017 Views: 221 About Jose: ...
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