Real Estate: Taking the “Scary” From Buying a Home

If you’re like the majority of first-time home buyers, you are probably wondering if purchasing a home is the right thing to complete. You may be asking, “Am I ready with this?” “Can I handle this?”

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Relax. This really is normal.



But don’t worry… The more you know about WHY you should buy a home, the less intimidating the entire process will be.



Although buying and having a home can seem like a lot to take on, it’s not as bad as you think.



Actually, there are some awesome benefits to owning a home - especially for first-time home buyers. The advantages of having a home really do outweigh the potential risks.



Here are 3 methods you will benefit by becoming a homeowner:



1. Property Tax Deductions

Every April 15th (Tax Day), millions of homeowners reap the benefits of mortgage interest and property taxes. For both state and federal income taxes, these payments are usually fully deductible - meaning you receive a huge break on the amount of taxes you spend.

2. Financial Appreciation

Homes are considered a safe, steady investment, with values that rise while debt amount drops. Generally, which means that the longer you own a home, the more valuable it might be. Since 1968, the national median home price has risen every year --even during recessions.

3. Home Equity & Borrowing Power

Besides the house appreciate in value with time, but so does your equity - which is the difference between the value of your house and how much your debt on it. Home equity provides the ability for you to remove a loan against your house if you ever need to purchase higher price items or have to handle emergency financial situations, which is comforting.

So, there you have it! Purchasing a home shouldn't be scary. It’s an exciting venture and comes with many benefits and advantages over renting.

We strive to take the fear out of purchasing a home for our buyers!


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Published August 27th, 2011

Tags: real, estate, albany, buy, land, agents