Hi. This is Susy Thomas with your weekly real estate advice. Today I'm talking to people who are thinking about buying a home. As I've mentioned before, the first thing that you want to do is check
Top Ten Reasons to Buy a Home
1. Quality of Life - Home ownership is part of a better quality of life for most buyers. The quality of our living situation directly impacts how I feel.
2. Avoid the Tax Man | Tax Deductions - Buying a home helps you avoid the tax man with tax deductions for both mortgage interest and property taxes. Property taxes and qualified interest are deductible on an individual's federal income tax return.
3. Spend Money to Make Money - With the right real estate consultant, home ownership and the potential for appreciation means that ultimately you have the opportunity to get a return on your investment.
4. Deferred Gain and Capital Gain Treatment - A homeowner can exclude up to $500,000 of capital gain tax if married and filing jointly or up to $250,000 if single or filing separately when you sell your home. The home must have been the taxpayer's principal resident for the previous two years.
5. Principal Accumulation - As a homeowner, a portion of each amortized mortgage payment typically goes to principal, which in the long run is an investment.
6. It’s The American Dream - Owning a home is THE American Dream. I work with many first time home-buyers; and it truly is a dream come true for them.
7. Independence - For many homeowners, one of the greatest freedoms is acquired through home ownership. They can get rid of their landlord and are no longer surrounded by neighbors in an apartment with thin walls. The freedom to do whatever they wish with their homes is a big incentive for many new homeowners.
8. Leverage - At the current interest rates, you can put your money to work somewhere else. These days you can still purchase a home for as little as 3.5% down.
9. Why rent when you can own? The real cost of renting at $700 per month with 6% rental increase per year means you will pay $110,719 over 10 years. Just think, you could almost pay off a home for that amount!
10. Because you get to work with me and it will be fun!
Susy grew up in Detroit, graduated from Michigan State University. She has lived in San Diego for over 35 years. While working as a purchasing manager in the restaurant business she was offered the o....