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Friday, November 30, 2007
Seven Reasons to Own Your Own Home
With low interest rates and an extensive available home inventory, the market is ripe with opportunities for you as a buyer looking for a home in the Morganton and Burke County area.
Today's Real Estate Market
Seven Reasons to Own Your Own Home:
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. While there is no guarantee of appreciation, a 2001 study by the National Association of REALTORS found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you will never see again, but mortgage payments let you build equity ownership interest in your home.
4. 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.
5. Predictability. Unlike rent, with a conventional fixed rate mortgage, your payments do not go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Contact me and I will be glad to show you some of the available real estate listings in Morganton, NC and Burke County.
Starla Hoke
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