To many people, renting an apartment feels throwing money away. You’ve put out all that money and have nothing to show for it. In fact, you may even have spent money painting your apartment only to have the landlord raise the rent!
But there is an alternative — the American Dream: a home of your own.
Obtaining your first home may not be as difficult as you think. Today, renters have more options available than ever. First, lenders offer a wide variety of programs to fit practically anyone’s mortgage needs. Second, Uncle Sam encourages you to invest in your future by providing home-ownership tax incentives. See the attached graph
Third, an experienced, professional Roy Wheeler Sales Agent is available to provide you with the information you need and answer your questions. They’ll take you step-by-step through the entire buying process from the day you begin searching for that perfect property to the moment you receive the keys to your very own front door.
In the meantime, here are some facts you should know that may very well help you out of that apartment and into your very own "castle."
Down payments
There are mortgage plans available that help you purchase a home with little or no money down. Also, there are new sources of down payment money. You may use penalty-free withdrawals from traditional IRA or new "Roth IRS Plus" to help with the purchase of a new home. The withdrawal may come from buyer’s own account, spouse’s account, or a parent or grandparent.
Of course, other sources of down payment funds remain available such as gifted money from parents and relatives.
For an overview of Buying vs Renting click on this link
More good news…
Tax deductions
- Buyers can deduct interest on mortgage payments.
- Buyers can deduct points paid at settlement by either buyers or sellers.
- Buyers can deduct real property taxes.
- Buyers can deduct mortgage interest and property taxes on a vacation home.
- Buyers can deduct moving expenses if they move because of a new job or job transfer.
- Home offices can be another source of tax deductions.
All in all, buying a home has become simpler and less costly. So, what are you waiting for? Please feel free to contact us for further information or a consultation without obligation. Call us at 866-616-RELO (7356) or email us at homes@searchcharlottesville.com
Disclaimer: This information is believed to be accurate but is not guaranteed. To verify this information we recommend you check with a CPA, accountant or tax preparer.