Please call (303) 222-0027 or e-mail email@example.com to find out how you can buy a home for as little as $1,000 down. We’ll e-mail you a free list of first time home buyers programs in Denver.
The benefits of home ownership can include:
If the price of your home goes up, you’ll have equity in it. In recent decades, even despite the “Great Recession,” most homeowners in America have gained equity in their homes. And for many people, the equity in their homes is their greatest asset.
As an example, if you buy a $200,000 condo, and in five years, it’s worth $225,000, you’ve gained $25,000 equity. And potentially, you gained that equity by making a monthly payment that was the same as or less than the rent you’re paying right now.
The best part of owning your own home is the freedom. Freedom from a landlord. Freedom from rent increases. Freedom from many rules and restrictions. Freedom to plant your own garden. Freedom to paint the walls absolutely any color you like. Freedom to have pets. And more! Once you become a home owner, chances are that you’ll never want to be a renter again!
Most first time home owners aren’t aware of this, but the interest on your monthly mortgage payment, along with the real estate taxes that you pay, are tax deductible. This can make the monthly payment on your own home even more attractive, when you compare it to a rent payment that isn’t tax deductible.
As an example, if $1,000 of your monthly mortgage payment is tax deductible, at the end of the year, you’ll have a $12,000 deduction. If you’re in a 25% federal tax bracket, and Colorado’s tax rate is 4.63%, this would represent a 29.63% savings in taxes, or $3,555. You could receive that money at the end of the year, as a tax refund, or you could change your deductions with your employer to adjust your monthly take-home pay. No matter how you handle it, though, the tax deduction is one of the best, yet little understood, reasons to own your own home.
First Homes Lead To Second Homes
Sometimes, people wait to buy a first home, because they’re not happy with the choices in properties for what they can afford. But, particularly, when the price of real estate is going up (which it has for the past several years in Denver), waiting can be costly. And first time homes lead to second homes. If your first home isn’t perfect, not exactly what you want, in most cases, it will make it easier to buy your second home. You have to start somewhere, why not start today? Not sure if you’re ready? Take our quiz to find out if you are ready to buy!
For additional information on the top reasons to buy your first home or to start the process, please call us at (303) 222-0027, or e-mail firstname.lastname@example.org.
Please note: If you would like to explore the option of buying your first home, give us a call for a free consultation. We’re experienced real estate agents who love working with first time home buyers. We work with buyers in all price ranges, across the entire Denver metro area.