The Time Is Now

Dated: 10/22/2013

Views: 232

Whether you are looking into new construction or a resale, the benefits of getting into a new home far out weigh the minor inconveniences that come along with a move.  While moving can be a very big investment in both time and money, it can also be very enjoyable (especially with us here at RE/MAX Heartland) and come along with some great perks!  
These perks can include:
 

·      Tax deductions
·      Equity
·      Pride
·      Privacy  

Tax Deductions[1]:

Mortgage interest, points, real estate taxes, and PMI (Private Mortgage Insurance) are some examples of where you can reduce the amount you owe to the dreaded taxman.  Mortgage interest is one of the biggest areas you can save money.  You can deduct interest on up to $1 million of debt used to acquire your home.  Points are something you may have to pay to your lender in order to get a mortgage and are deductible as interest as long as the cash you paid at closing in your down payment equals the points.  (For example, if you paid one point (1%) on a $400,000 mortgage, that equals $4,000, so you would have to bring $4,000 to closing.)  Local real estate taxes, or property taxes, in the amount that was paid during the year are also deductible.  Lastly, if you are in need of PMI, you can deduct the premiums.   
Equity:
This is the difference between the amount of money you can sell your house for and what you actually owe on the mortgage.  Each month you make a mortgage payment, the more equity you accrue.  Having higher equity can help you in many ways.  

Pride:
A sense of pride comes with owning a home.  You can show it off to your friends, relatives, co-workers, and even neighbors!  Most of all, you get to show it off to yourself everyday.  
Privacy:
You’ll never have to hear the downstairs or upstairs neighbors talking, walking, jogging, running, or partying anymore!  You can live in peace and quiet without being interrupted.  
SO…while moving into a new home can be stressful at first, the benefits at the end of the day balance them out so you can enjoy your new adventure!
Blog author image

Sue H. Edwards

Sue specializes in both listing and selling with an array of Real Estate services and with the expertise necessary to assist clients as they realize their real estate goals. She prides herself on put....

Latest Blog Posts

Whats Happening In Liberty Alot

Lots going on in Liberty right now so be aware of the road closings, new construction, change in zonings, and much much more. Starting today road closing info below:thank you St. James Catholic

Read More

THINKING ABOUT BUILDING THAT NEW HOME

If you are thinking about building versus purchasing resale.  There are a  few things to consider.Time - this is the biggie  New home construction in Kansas City Area is 6-12

Read More

Sports For Everyone

Royals fever is starting up again and why not our Boys in Blue brought home the championship and we are looking forward to a great season!!Our Kansas city Chiefs started their playoff season

Read More

Play Chess Not Checkers

Play Chess… Not CheckersCheckers is a simple game with a simple objective; eliminate the other player’s pieces. Even the process of doing so is simple, jump the other player’s pieces and start

Read More