by robwp |
Owning vs Renting Benefits
1. TAX BENEFITS.
Owning vs Renting Benefits
Owning vs Renting benefits you through the allowable tax code deduction of the interest you pay on your mortgage, property taxes and some of the costs when buying, for investment properties other deductions like repairs, depreciation are also allowed, Its a great idea to consult with a tax professional to get accurate information about your particular situation.
2. APPRECIATION.
Real Estate has passed the test of time and allows a stable and steady growth over time, despite the recent housing crisis, home prices have increased on average approximately 5.2 percent each year from 1072 through 2015 according to the National Association of Realtors.
3. EQUITY.
Owning vs Renting Benefits
Money paid for rent is money that you’ll never see again, having a mortgage allows you to build equity as you pay down the principal balance and the home benefit from market appreciation over the years, in addition to:
4. SAVINGS.
Building that equity is in itself a savings plan and when you sell, you could qualify to take up to $250,000 (or $500,000 for married couples) as gain without owing any federal income taxes. (Check with your CPA for further advise on these)
5. FREEDOM.
The home is yours. You’re can do as you choose, decorate, paint, upgrade, remodel and choose to live as it fulfills your lifestyle after all that’s some of the intrinsic owning versus renting – benefits.
6. PREDICTABLE.
Unlike rent, your mortgage payments are fixed and don’t rise over the years (if your loan is a fixed rate mortgage) , taxes and insurance cost will likely increase.
7. PRIDE OF OWNERSHIP.
Owning vs Renting Benefits
Among the many benefits of home ownership like, remaining in a neighborhood for many years and becoming part of the community, pride of ownership is one of the many traits that owning your own property affords through a sense of accomplishment and satisfaction in knowing this property is your own and you’re coming home! after all that it is the essence of the American Dream.
If Thinking to Purchase or Sell, Contact Us for a FREE – NO OBLIGATION consultation. Roberto A. Sanchez – Broker-Associate – Cell (973) 216-1945 or email me at: RSanchez@robsrealtor.com.
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by robwp |
Common Homebuyers Mistakes
Common Home Buyers Mistakes
Let’s face the facts: Buying a home can be an amazing experience, but it can also be quite complicated. With emotions running high, it’s all too easy for home buyers to skip over crucial steps and make mistakes. But don’t worry! I’ve laid out some of the biggest mistakes that home buyers make below so you will know to avoid them.
Low-balling the seller
If you find a house that you absolutely love, don’t play games: work with your agent to come up with a reasonable offer based on the sales of comparable properties in the area. Some buyers seem to think that taking their time and making a seller “sweat” is a good strategy for getting the best price possible. Don’t fall into this trap! You will likely never be the only one interested in buying a particular home, so if you find one that you love, get it before it’s gone. Don’t kill the deal by making too low of an offer or by making excessive estimates for repairs.
Not reading contracts
When you sign a real estate contract, you’re entering into a huge financial obligation. And while it seems like common sense that you should always read (and understand) all of the terms and conditions, many home buyers do not. A good idea is to have your agent go over your contracts with you, section by section. Because contracts are legally binding, it’s crucial that you discover any issues BEFORE you sign.
Spending too much – Set a Top Price Based on Your Income/Financials
Your approval amount should act as a guide, showing you what you could pay for a home if you maxed out your finances. Your pre-approval amount should not, however, be the price that you buy at. Buying at the top of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover recurring expenses, but then you’ll have little or nothing left for recreation or other projects. So instead of buying at the top of your approval level, but within your comfort level: a level where you’ll still have sufficient money left over for other things.
Have Realistic Expectations
Often times buyers enter the market without a clear vision of what they want/desire against what they can afford, a nicer home with more features and amenities in a better neighborhood will cost more than a similar home less updated and in need of minor repairs or cosmetics repairs in the same or somewhat similar neighborhood, therefore it might be still a great deal if willing to put the effort and sweat equity to improve the home and increase its desire ability and comfort without the initial more expensive financial commitment, beware of the common homebuyers mistakes that can make your shopping experience and final results less appealing and rewarding, consult with your agent and make sure you’re making the right decision.
For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking for in a friendly, NO OBLIGATION, NO HASSLE environment. Email Us or Call Us at (973) 216-1945.
