The end of the year is a great time to buy a home, and here are 7 reasons why:
- Save on Taxes
Closing on a new home by December 31st allows you to deduct some closing fees, mortgage loan interest, property taxes and points on the loan from your tax returns. There may also be deductions possible from repairs, Energy Efficient Tax Credits and Home Office Deductions. - Motivated Sellers
Many of the sellers will also be there to close the sale. So they can enjoy tax savings on their next home purchase. They may be eager to close and compromise in negotiations. - Less Competition
Many house hunters break off their search until spring. By December, most buying competitors have been put off for the holidays and winter weather. - Affordable Contractors
Winter is the slow time of year for many industries, including contractors, inspectors, electricians, plumbers and roofers. Your project may be completed faster and at a lower cost. - The Joys of Homeownership
Monthly mortgage payments go into something you own. And when you have your home, you can also make updates, decorate your home and have pets without running anything at all by the landlord. - Equity
Your mortgage payment goes towards paying off your loan. Once you begin to pay down principal, the value of your home increases, and you build up solid equity. - Extra Income
If you will make a decision to rent out your property or a part of it, you will earn a consistent stream of income from renters.
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