Our last post—3 Great Reasons to Buy a Home—was incredibly popular… and we decided to share three more great reasons to buy instead of rent.
3 MORE Great Reasons to Stop Renting and Buy a Home in Port A
Property Tax Deductions
We mentioned taxes in our last post, but only mortgage interest. You may also be able to deduct property taxes, according to IRS Publication 530. Naturally, you’ll need to consult with a tax professional if you’re going to attempt to deduct your property taxes from the amount you owe the Internal Revenue Service. (Remember, we’re not tax advisers—we’re Port Aransas real estate experts.)
Capital Gain Exclusion
If you’ve lived in the home for two out of the past five years, you may be able to exclude up to $250,000 for one person or $500,000 for a couple on your profit from capital gains.
You don’t have to buy a new home to do so (or “move up,” contrary to popular belief) in order to take advantage of capital gain exclusion, but again, you’ll want to consult with a tax professional.
You’re Always Building Equity
If you’re paying down your mortgage, you’re typically building equity in your home. Naturally, if your home is depreciating in value (it happens as part of a natural market cycle, so don’t worry too much if your value dips now and then) you won’t be building as much equity as you would if it were appreciating.
For the most part, you build equity every time you make a mortgage payment. And if you pay extra toward the principal each month, you’re building even more equity.
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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