| FIRST TIME HOME BUYER ______________________________________________________________________ |
Home-ownership is by far the greatest American Dream. In fact, recent studies show that
40% of all homebuyers are first time buyers. If you're still deciding whether
home-ownership is right for you, consider the following, and when you're ready, we'll be
here to help you make the best decision for your future.
TAX BREAKS
The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property
taxes, and some of the costs involved in buying your home.
GAINS
Between 1998 and 2002, national home prices increased at an annual average of 5.4
percent. While there's no guarantee of appreciation, a 2001 study by the National
Association Of Realtors Ò found that a typical homeowner has approximately $50,000 of
unrealized gain in a home.
EQUITY
Money paid for rent is money you'll never see again, but mortgage payments let you
build equity ownership interest in your home.
SAVINGS
Building equity in your home is a ready-made savings plan. And when you sell, you can
generally take up to $250,000 ($500,000 for a married couple) as a gain without owing
any federal income tax.
PREDICTABILITY
Unlike rent, mortgage payments don't increase over the years, so your housing costs
may actually decline as you own the home longer.
FREEDOM
The home is yours. You'll benefit from your investment as long as you own the home.
Decorate how you want!
STABILITY
Remaining in one neighborhood for several years let you participate in community
activities, establish lasting friendships, and offers your children the benefit of educational
continuity.
To calculate whether renting or buying is your best financial option, use this calculator
courtesy of Ginnie Mae:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH
40% of all homebuyers are first time buyers. If you're still deciding whether
home-ownership is right for you, consider the following, and when you're ready, we'll be
here to help you make the best decision for your future.
TAX BREAKS
The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property
taxes, and some of the costs involved in buying your home.
GAINS
Between 1998 and 2002, national home prices increased at an annual average of 5.4
percent. While there's no guarantee of appreciation, a 2001 study by the National
Association Of Realtors Ò found that a typical homeowner has approximately $50,000 of
unrealized gain in a home.
EQUITY
Money paid for rent is money you'll never see again, but mortgage payments let you
build equity ownership interest in your home.
SAVINGS
Building equity in your home is a ready-made savings plan. And when you sell, you can
generally take up to $250,000 ($500,000 for a married couple) as a gain without owing
any federal income tax.
PREDICTABILITY
Unlike rent, mortgage payments don't increase over the years, so your housing costs
may actually decline as you own the home longer.
FREEDOM
The home is yours. You'll benefit from your investment as long as you own the home.
Decorate how you want!
STABILITY
Remaining in one neighborhood for several years let you participate in community
activities, establish lasting friendships, and offers your children the benefit of educational
continuity.
To calculate whether renting or buying is your best financial option, use this calculator
courtesy of Ginnie Mae:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH
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