Tucson Real Estate News

1. Tax Breaks. The U. S. Tax Code lets you deduct this interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average of 6.5% each year from 1972 through 2005; and 88.5% over the last 10 years according to the National Association of REALTOR®. In addition, the number of U.S. households is expected to rise 15% over the next decade. Creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again. However, mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. When you sell, you can generally take up to $250,000 single/$500,000 married couple as gain without owing any federal income tax.

5. Predictability. Unlike rent, your “fixed-mortgage” payments for payment and interest do not rise over the years. So your housing costs (interest amount paid) will decline the longer you own the home. The amount applied to the principal (loan amount) will increase over time. The only increases will be in property tax and insurance.

6. Freedom. The home is yours. You can decorate it as you prefer without landlord permission. You can personalize your home to fit your wants, needs, and desires.

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. There is a social impact ot home ownership as well that impacts, families, education, confidence, employment stability, and much more.

Online Resources: www.GinnieMae.gov let you calculate whether buying or renting is the best option for you or you can use the Rent vs Buy calculator on this site. You will surprise yourself with the results.