There are a ton of reasons why home ownership makes sense! And these days, with great prices and low interest rates, it might make perfect sense for you to take the plunge and buy your first home!
Here are just a few reasons you should OWN instead of RENT.
Affordability - It makes financial sense! For example, you can own this sweet townhouse in popular Northwest Denver's Potter Highland neighborhood for only $163,500! Wow! This gorgeous two bedroom home at 3421 Decatur Street would probably rent for $1200 in today's market, but you could BUY it with as little as $5862.50 down! Your new mortgage payment including taxes and insurance would only be around $1055 per month! Of course this is just an estimate, and there are restricting in obtaining a mortgage loan, but its a great example! See more at http://3421decatur.com/
Appreciation - Buy a house, live in it for a few years. Make smart improvements, then sell it. If you bought smart, chances are, you will make money.
Mortgage Interest Deductions - Home ownership is a great tax shelter and tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home,mortgage interestis fully deductible on your tax return.
Paint - Create the look of your place however you want. No more white rental walls! The current owners really made an impact the color in this sweet place.
Property Tax Deductions - Real estate property taxes paid for a first home are fully deductible for income tax purposes.
No more landlords - Trust me, it's way better to BE the landlord than it is to have one.
Capital Gain 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 another home. You can sell every two years and pocket your profit, subject to limitation, free from taxation. Sweet.
Mortgage Reduction Builds Equity - Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation.
Pride of Ownership - There's just something programmed inside most of us, something that tells us that homeowners have got it going on, and something that says that living in your parents' basement sucks.
Imagine living in this row home at 3421 Decatur Street, a Great Alternative to a Condo! Don't Let the Square Footage Fool You! You could be living LARGE in this fully Renovated Rowhome (in 2007) with Granite Counters, Stainless Steel Appliances, Wood floors, Two Large Bedrooms, Laundry, and Private Fully-Fenced Backyard!
So go ahead, take the plunge, and get into the real estate market. Wanna check out this home in person? Give me a call.
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