Odds are stacked high…credit scores can be ally or foe, yet for all the challenges, you should buy a home.  In our market, those buying now are buying near the bottom..imagine looking back 10 years from now and thinking to yourself.  Wow, that was a smart move and positioned us well financially.   Other benefits to buying your first home include:

Pride of Ownership

• #1 reason.  You can paint the walls.  You can even tear down a wall to make your kitchen bigger. Attach perment fixtures, add a deck and create your customized personal living space. The message is its yours to decorate and be proud of.

Appreciation

Mortgage Interest Deductions

• Property Tax Deductions- real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes.

Capital Gains Exclusion

• As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the “over-55″ rule does not apply.

Mortgage Reduction Builds Equity

• Every month, a portion of your monthly payment is applied to the principal balance of your loan, which reduces your overall loan balance.  Ask me how this works as I have several examples of loan balance payoff.

If you would like to learn more and discuss your options in a very casual, relaxed environment, call me at 303-475-1500 to set an appt.  Take the first step, you will be glad you did.

This entry was posted on Thursday, August 21st, 2008 at 4:17 pm and is filed under Buying. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.