Why Buy Real Estate

Why Buy Real Estate

Home owners pride is a feeling that really can't be beat. Owning your own home means it is yours, really yours. Something to be proud of. If you feel like painting the walls, you can paint the walls! You can remodel if the fancy strikes you or change appliances or pretty much whatever you want. It's your house! Having your own home makes you part of a community. A place where you can raise your family. It gives you and your children security for the future Many people end up actually paying less money on a mortgage than they do on rent. Imagine never writing that check again making your land lord richer. You can be making yourself richer instead. Acquiring equity is likely the best reason to own a home. Equity is basically the profit built into your house by you. By definition equity is "the monetary value of a property or business beyond any amounts owed in mortgages, liens, claims ect.". No more throwing money away on rent every month! Every time you make a mortgage payment you are building equity in your house. When you improve your home you are building equity into it. Those weekend projects are actually making you money! Besides, it's fun working on your own house. There are some really great tax credits this year for first time home buyers. The Government is giving an $8000 tax credit if this is your first time buying a home. Soon you'll also be able to use that tax credit for your down payment. But only until December 1st 2009. That's an $8000 reason to buy a home! Any remodeling done to your home or energy saving improvements are also eligible for tax breaks, and no one likes paying taxes. Here's the chance to have the Government give you money for a change! The economy is cyclical. Home prices go up and home prices go down. Real estate is known to appreciate in value over time more than any other investment. That's assuming of course that you make smart informed decisions when you buy. It's also the most stable investment you can make. Think about it, the land will always be there. Another favorite reason to have your own home is the capital gains advantages tied to ownership. If you build or buy a house and live in it for at least two years, when you sell you get to keep all the money. You won't be taxed up to $250,000 or $500,000 for a married couple. That's a sweet deal. There are many arguments in favor of home ownership, both personal and monetary. These are just few. There are many more, such as building credit and just the satisfaction of waking up in your own castle every morning. If you've ever thought about buying a house, first time or not, now is the time to do it. It's a buyers market out there with home prices and interest at almost historic lows. It won't last forever. Get in now before it's to late.