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: 256 About Jose: ...
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"I started with the process for selling the house with Lizzy Byrne last October. I had information about the probable selling prices and I made a decision about it based on it. She was prompt to point out the main deficiencies to be corrected, I had a precise information about the cost involved for any repairs. I usually had informative emails about the status of the negotiations and emails in relations to decisions to be made, always I received a phone call to back important issues. She was open to clarifications and questions, it was of prime importance for me, as I was unaware of most of the selling process, like needed documentation, etc. I left to her to manage all the process with total confidence, I felt free of stress and pretty confident on the achievement of good results. I had clear explanations of pros and cons and decisions were made with sufficient information about alternatives, values and possible outcomes. Finally, I had my house sold for Christmas! It took less than 3 months and with a very happy end."