There are many benefits to buying your first home. Take your pick: Great restaurants, beautiful beaches or wonderful neighbors. Any one of those could make my day, but here are the best reasons to buy your first home.
The first major benefit is telling your landlord goodbye. I'm convinced there's no better feeling in the world than telling your landlord that you're moving into your new house next month so he or she won't be able to collect that several hundred dollar space usage fee anymore.
This feeling alone is truly priceless.
The second major benefit is being able to literally see where your money is going. It's one thing to drive down a beautiful street and see someone else's home, but it's another thing to see your very own home.
One of the many joys of homeownership is that each and every month you actually get to touch, feel, see and smell your investment (I left out taste because I truly hope you do not taste your house.) This means that you can actually track where your money is going and it forces you to save money each month by paying your mortgage payment and building equity.
This is a forced savings plan which provides a roof over your head.
The next major benefit is that your home is all yours. The first several months of waking up in your new home will flood your mind with a flurry of emotions. The thought most often shared by new homeowners is the overwhelming feeling of, "is this is all mine?" If you are one of those people who frown down upon folks who talk to themselves, then you may want to apologize to them. As a new homeowner you'll find yourself doing the exact same thing.
The fourth major benefit is when you own a home you finally catch a tax break. Everyone dreads paying taxes, but when you're renting and single or married you have a higher level of dread when April 15th rolls around. Well when you own a home you might actually begin to look forward to tax time because you begin to hear that old familiar cash register cha-ching sound. Here's why. You get to deduct your mortgage interest as well as many other items such as:
Having these additional deductions means thousands of dollars in tax savings for you each and every year.
Pretty sweet huh?
As if that wasn't enough when you sell your home after living in it for two of the last five years, you don't have to pay taxes on the first $250,000 of profit that you make when you sell your home. But wait it gets better. For those of us who have joined our lives together in holy matrimony we get to keep $500,000 tax free.
By:Christoper Rivers
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