The Many Reasons to Buy a Home ? Part 1 - Cary NC Real Estate

Posted by RealEstate_Guru

The 2013 outlook for the real estate market in the Raleigh-Durham region is very positive. So, if you?re thinking about buying a home, there couldn?t be a better time to get started. Are you a bit apprehensive? Relax! The more you know about buying a home, the less nervous you?ll be. In that spirit, we?d like to offer just a partial list of the best reasons to buy a home this year.

Reason #1 ? Pride of Ownership

?There?s nothing like the positive feelings you?ll experience when you own a home. It?s a matter of pride for many homeowners, who strive to keep their properties in top shape. Also, when you own your own home, you can decorate and furnish it as you please. Plus, you?ll enjoy more time?outdoors working on your landscaping and garden. Having a home also gives owners and their families a sense of security and stability? because it?s one of the best investments in?the future that you can make.

Reason #2 ? Appreciation

Speaking of investments, you should know that real estate consistently grows in value over the years. In fact, home values are monitored by the? Office of Federal Housing Enterprise Oversight. This government entity then produces a?housing price index that reports on changes in the market, organized by metropolitan area and region. So, it?s worth checking this when you?re house hunting. Finally, owning a home is considered by many to be an excellent hedge against inflation.

Reason #3 ? Mortgage?Interest Tax Deductions

Did you know that tax? rates in the US favor homeowners? Home ownership is a great tax? shelter, because as long as the balance you owe exceeds the value of? your home, mortgage interest is fully tax deductible. In the early?years of a mortgage, interest is the largest component of the monthly?payment, so you?re sure to reap some financial benefits from owning a? home.

Reason #4 ? Property Tax?Deductions

It?s a good idea to get a?copy of IRS Publication 530 because it contains important tax? information for first-time home buyers. The real estate property?taxes paid for a first home and a vacation home are fully income tax?deductible. In addition, some states have laws that?benefit home owners, such as limits placed on property tax increases and?assessments.

Reason #5 ? Capital Gains?Exclusion

If you have lived in your?home for the past 5 years, you?re allowed to exclude up to $250,000?for an individual or $500,000 for a married couple from capital gains?tax. There is no age restriction, which means that the over-55 rule?does not apply. You can utilize these exclusions every 2 years, so?technically you could sell every 24 months and make a tax-free? profit.

(Continued in Part 2?below)

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Source: http://www.real-estate-cary.com/blog/the-many-reasons-to-buy-a-home-part-1/

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