| You hear that being a first time home buyer is a good | | | | Plus you don't have to hear the fights that go on with |
| idea. But you're wondering how can that be? Here you | | | | your neighbors. Of course, that doesn't mean when |
| are deciding to go deep in debt!!! Isn't this going against | | | | you buy a home that neighbors don't fight, but when |
| everything you've learned? Once you see the many | | | | you're renting you hear everything. Consider too, when |
| first time home buyer benefits, then you'll understand | | | | you rent, your neighbors may enjoy things you don't |
| why everyone is telling you this is a good idea. | | | | like, for example smoking. When they smoke, that |
| Consider some of these benefits: | | | | smoke comes into your apartment. Not so when |
| - Building Equity | | | | you're buying. |
| - Pride of Ownership | | | | Pride of ownership gives you a sense a security. You |
| - Deductions | | | | don't have to worry about the rent going up. You now |
| Building Equity | | | | have something that is yours. Not to mention the extra |
| One of the first time home buyer benefits is that you | | | | space you have compared to a rental place. |
| are building equity is something rather than just giving | | | | Deductions |
| your money away. When you are renting, you aren't | | | | There are first time home buyer benefits that are |
| building anything, you're just paying rent. But when | | | | deductions. For example you can deduct the interest |
| you're buying a home, you're beginning to build equity. | | | | you paid for your mortgage on your income tax. Now |
| The down payment is the beginning of that equity. As | | | | you're lowering how much you pay in income taxes. |
| you pay for your home over the next 15 to 30 years, | | | | Another deduction is your property tax. You can also |
| you will be adding equity with each payment. Plus your | | | | deduct that on your income tax. You can see now |
| home will appreciate in value and that adds equity too. | | | | why some people consider their home a tax shelter. |
| Let's say down the road there is an event in your life | | | | They can use it to lower their income tax. |
| where you need money now. That equity gives you | | | | Another benefit is when you make home |
| borrowing power. You can borrow a portion of that | | | | improvements. Save those receipts because many of |
| equity for that emergency. That equity built in your | | | | those improvements can also be deducted on your |
| home makes it possible to take care of that | | | | income taxes. Having a record of these improvements |
| emergency right now. Of course, we should guard our | | | | can be added to the value of your home. Guess what, |
| equity, but when there is an emergency, you have | | | | those improvements have added equity to your home. |
| options when you build equity. Renting doesn't give you | | | | I remember adding a humidifier to the furnace of my |
| this option. | | | | rental home when I was renting. Unfortunately, when I |
| Pride of Ownership | | | | moved the humidifier had to stay, so that purchase |
| Another first time home buyer benefits is pride of | | | | only benefited me while I stayed in the town home I |
| ownership. This is a key benefit. When you rent you | | | | was renting. I couldn't take it with me. |
| are limited as to what you can do with your home. But | | | | These are just a few of the first time home buyer |
| when you own you can decorate any way you want! | | | | benefits. As you search further you may find tax |
| You can enjoy your music at the volume that is good | | | | credits available to you. So buying that first home really |
| for you. | | | | is a good idea. |