Everybody is having hard economic times in the United States and all around the world. For a person that is looking to build or to buy a new home there is an advantage that can be taken. Supplies for building are now starting to remain steady, there are good deals on lands now, and the intrest rates are at an all time low. Although do make sure you will not waste any of your time waiting for interest rates to swoop lower, as the federal government will probably not be looking to reduce the rate for awhile now, and as for when the rates move they will most likely be going up.
As for the past five years home building had been an expense that was high, this had been because the lumber prices had been up. This increase now seems to be now over and the price of lumber is now beginning to drop. So any family that is seeking to build a new fancier home can now afford to do so and it will be cheaper then in previous years.
Land is now starting to be more affordable in the United States. The real estate agents are looking to make money, to do so they need to have the land move and not sit at a high price. Buyers need to take a full advantage of this economic hard time and buy the piece of land that they want to build their dream home on.
The lower interest rates are the main thing that a home builder or a home buyer should be looking at right now. Any family that is looking into building a new home from any plan what so ever needs to move very quickly to secure the low interest rates. Many banks are now offering intrest rates that are getting lower this makes the home builder or the buyers dreams come true.
One of the most important and one of the most difficult choices a person can make is between renting and buying a house. This can all fall into what stage you are currently standing in your life. Renters have a big flexibility, they can move whenever the need is, and they are not stuck with a mortgage before the house is sold.
One of the very first things to consider when you buy a home is that you will be granted many economic benefits from your investment. If you choose to be a homeowner you will have to your advantage many tax incentives, like property tax and mortgage interest deductions. If you are going to be a first time homeowner you need to take notice that taxes are in fact fully deductible.
If you dwell in your home for two out of five years, a capital gain exclusion law will let you deduct up to $500,000 of your earnings off of capital gains. This means lower tax for homeowners. Over years real estate always gains, this is not like a car or a boat, the home value will always increase. Excluding a few major dips in the market. This should be a factor that is considered when pondering the benefits of buying a new home.
Think about your monthly payments on your home as rent. This makes it easier to pay off your home. Every time that you make a payment on your mortgage, this increases the equity on your home. When you buy your own home you can call it yours, you can paint whatever you want, and you can remodel they way that you choose. Another key bonus is no more landlords.
Author Resource:
P. Herp is a mortgage loan professional. He is affiliated with a national organization which has helped 1000s of homeowners purchase or refinance their properties at the best jumbo mortgage rates available today. He has extensive knowledge of the internal and governmental loan programs currently available. For more information about these programs and to find the cheapest rate mortgages visit Mortgage Loans Explored.
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