Rents are rising across the nation and home prices are still 30% down from what they were 4 years ago, we cannot say with more certainty that now is THE time to buy a home. Regardless of whether the time is right to buy a home, we would like to go over some of the reasons why home owning can be one of the greatest financial assets you have. Experts have predicted that while home prices are still declining, they are likely to abate and by next year they will begin to appreciate once more. Mortgage rates are at all time lows now as well and first time homebuyers have a number of incentives to purchase. Joblessness has decreased and people are itching to buy, and they could not have a more fertile period to make a real estate acquisition. There are a number of ways that you may have not been aware of that also add to the value of home ownership and actually can save you money.
One of the ways home owning saves you money is through tax breaks. Homeowners receive tax breaks through a mortgage interest deduction, property tax deduction, and eco tax breaks. This means that your mortgage payment paid every month is tax deductible, which adds to quite a lot come April. If you have made updates to your home that are green friendly, such as replacing windows, purchasing Toto toilets, or installing appliances with energy star ratings, these can all be tax deductible, which saves money and also will make your conscience clear. Further, a homeowners loan to make green improvements, the payments made toward this will also be tax deductible. During healthy economic times, home appreciation averages between 4 and 6% according to the National Association of Realtors. Also, you build equity which is one of the most clear advantages to owning a home. The more payments you make, the closer you are to owning your home. Home ownership has never been more a reality for many with the low interest rates and low prices. For more information on Homes available in Miami Beach, contact us today!