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SaveMORE Loan » 2007 » January » 17

January 17, 2007

Why buy a home?

by @ 1:33 am. Filed under Buying


It seems really overwhelming, doesn’t it? Your homeowner friends spend every weekend doing fixit projects. And they seem to sink every penny into their homes. Better to remain a carefree renter, right? Wrong!

 

Freedom

No more overbearing landlord breathing down your neck. Get a dog. Get 9 dogs. Paint your rooms burnt umber. Blare your music. Drill a hole in the wall. Go nuts. It’s your place.

 

Value

It’s a sure thing. Your home will be worth more tomorrow than it was yesterday. It’s a good way to beat inflation.

 

Tax Advantages

One of the best tax shelters available today.

 

Property taxes: Deductible for both your primary and one vacation home

 

Mortgage Interest: Your may deduct mortgage interest if you owe less than you paid for your home. During the first years of your mortgage, when your payment is mostly interest, this is a huge deduction.

 

Capital Gains: You may deduct $250K if filing singly and $500K if married every two years. You must actually reside in the house for 2 out of 5 years.

 

Capital Asset: Deduct more than the capital gains limit if you’ve owned your home for more than one year.

 

Build Equity: Corny but true–every time you pay your mortgage, you’re building a nest egg to draw upon later. If you pay off additional principal, you build your nest egg faster. Equity loans can be used to pay down expensive credit card debt.

 

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