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The Top 5 Reasons to Buy a Home
1. Save on your income tax.
Yes, something good can come out of income tax. Due to income
tax deductions, the government subsidizes your home purchase.
Therefore all of the interest and property tax you pay throughout
the year can be deducted from your gross income tax. A nice
perk.
2. A Hidden Savings Account.
If you are anything like me, you can't save money to save your
life. Seriously, my fiancee covers all of that, thank God. With
being a home owner you actually save money two ways :
Each month a portion of your payment goes towards the
principal, so not much at first but after 20 or so years, well
you do the math. It will add up.
Homes (if properly kept) appreciate in value. Again not much
at first but the average appreciation value is roughly 5 - 6
percent. This by the way is per year. It is said owning a home is
one of the very best financial decisions to make.
3. Your monthly payment is fixed.
How so you ask? Have you ever rented an apartment or a condo
or a house for that matter? Chances are you probably have. Then
one day a knock on the door and the landlord says "Hi, I am
raising the rent" Great!!! He needs extra cash or whatever, you
flip the difference, and if you do the math even $20 more a month
is still $240.00 out of your pocket. You buy a home you get a
fixed price, a fixed monthly payment for ten or twenty or thirty
years. Even if its adjustable it won't go up much. So really,
what makes more sense here, investing in property for yourself or
paying for someone else's?
4. Location, location, location.
Or in this case...space, space, space. No more little 2
bedroom apartment where your back yard is an 80 foot drop to the
cement. More areas for more things, recreation or study. Whatever
you need you can have.
5. And last but CERTAINLY NOT LEAST.
Freedom!!! Need I say more?
Well there you have it the Top 5 Reasons to Buy a Home. The
very reasons my agent convinced me to buy a specific house when I
had no money for the down payment. Speaking of.....
Check out the next issue where we will cover "How to Buy a
House with No Money Down".
Until then
Garret Belisle is the author of a blog designed to help you on
your way to home ownership, and some helpful tricks on down
payments and credit repair. You can view the site here at
http://www.gbcmortgage.blogspot.com.
While your there make sure to sign up for the weekly updates on
the bottom left corner to keep up to date with all of the latest
advice.
MORE RESOURCES updated Thu. June / 08 / 2023
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If you have bad credit history, no down payment or
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