2006-12-07 13:05:45 · 9 answers · asked by zafarthorpe 1 in Business & Finance ➔ Renting & Real Estate
It's a wonderful tax writeoff.
2006-12-07 13:07:13 · answer #1 · answered by Ms. K 4 · 0⤊ 0⤋
lol. You sound like a Realtor. Those are terms used in real estate presentations.
The obvious answer is you get to own your own home now but pay for it as you go. The benefit of that is you have no one over your head like a landlord that can make you dance to their tune, except for a home owner's association who have a lot of "power" too. You are not making someone else wealthier by paying their mortgage anymore (and in the process throwing money away) and if you get a good deal and don't over pay then you are increasing your net worth. You would have a nice tax write off every year too.
2006-12-08 02:25:30 · answer #2 · answered by CHERI S 3 · 0⤊ 0⤋
If you plan to stay in the same place and on the same job for the next 3-5 years buying a home makes sense in most areas because a large portion of the rent is tax deductible and any increase in value belongs to you and not the landlord. Since equity in a home is not liquid, it makes more sense financially for most people to have the largest mortgage possible so that they can keep their cash in other (preferably tax free) investments.
2006-12-07 14:44:46 · answer #3 · answered by cpruitt62 1 · 0⤊ 0⤋
A mortgage is a powerful tool because it allows people to leverage their future incomes to buy a house now. Without martgages people would have to save hundreds of thousands of dollars to buy a home. Most couldn't do it, and it would take years for the rest to do. There are different types of mortgages and each of those can be used as tools in different situations. Negative amortization and interest only loans allow people who are expecting to hve higher incomes in a few years get their home now and pay lower payments. Short term fixed mortgages have lower interest rates during early years for people that will not be in their homes long. and longer term mortgages allow people with less income to lower thier payments and spread the loan out. These are justa few examples. Talk to a mortgage broker if you need help.
2006-12-07 13:30:15 · answer #4 · answered by Ron B 3 · 0⤊ 0⤋
if you don't mind paying some more than you're paying to rent, and if you're planning to stay at the same place for 10+ years, you end up owning a piece of land, or a condo in a building, and after that you get to live without paying arguably the largest expense out of one's paycheck. you also don't have to worry about idiotic landlords who tell you whom you can have over, when you can do laundry, and other such things.
on the minus side, if you move often, you end up making the real estate agents and banks that much more rich. it's also a bigger hassle to buy and sell than it is to rent. and depending on where you live, if you get a foot of snow overnight or the heating prices jump suddenly - the renters couldn't care less! same with repairs and maintenance.
2006-12-07 13:30:06 · answer #5 · answered by Nick C 4 · 0⤊ 0⤋
Check out this website its my company's
WWW.Nationwidequickloans.com
2006-12-07 13:23:28 · answer #6 · answered by Charger Fan 2 · 0⤊ 0⤋
who knows
2006-12-07 13:16:05 · answer #7 · answered by bridget b 2 · 0⤊ 0⤋
I think somewhat ok.
2006-12-07 13:08:47 · answer #8 · answered by dinesh j 2 · 0⤊ 1⤋
zafar b Is this you? … :)!
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2006-12-07 13:28:24 · answer #9 · answered by eli g 1 · 0⤊ 0⤋