How to REALLY buy Real Estate!
#1 The inside story from a 20-year veteran.
Real estate is the largest purchase you will make in your lifetime. Learn how to do it right!
This is a continual series on the correct purchase methods in acquiring real estate whether for investment, a place to lay your head, or raise a family.
Let’s first get into why you should buy real estate; a basic primer:
Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year avg. (markets vary). The number of U.S. households is expected to rise 10 to15 percent over the next decade, creating a continued high demand for housing.
Equity. Money paid for rent is money that 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 gain without owing any federal income tax.