Archive for July, 2011
Three Reasons to Sell Your Home With a Lease Option!
People need to move for all sorts of reasons. Perhaps you’d like to be close to your family or follow a job opportunity. Or maybe you are tired of sitting in traffic for an hour every day and you would like to move closer to work. Whatever your reason, you know you need to sell your home quickly!
Unfortunately, you would have to live under a rock to not understand that right now is not a good time to sell your house! With an abundance of foreclosures and short sales on the market, quickly getting fair market value for your home just isn’t likely.
Tags: future home, home money, housing slump, job opportunity, lease option, owning a home, prospective buyer, s market, steep discount, writing a checkRelated posts
The Tax Benefits of Buying a Home
There are many tax benefits to buying a home. They are definitely worth keeping in mind if you are a renter considering buying a home for the first time. Such benefits include mortgage interest deductions, property tax deductions, a capital gains tax exclusion, and preferential tax treatment.
In short, tax laws in the United States favor home owners. For instance, if your mortgage balance is smaller than the value of your home, you can fully deduct the mortgage interest applying to your home loan on your tax return. When you make a mortgage payment, interest is often the biggest component. For example, if your monthly payment is $1,200 then you might find that $1,162 is going toward interest while only the remainder of the monthly payment is touching the principal balance. It follows that being able to tax-deduct twelve months of interest is a huge benefit!
Tags: capital assets, capital gains tax, first time home owner, income tax purposes, inflation rate, mortgage interest deductions, payment interest, preferential tax treatment, property tax deductions, property tax increasesRelated posts