o.k just bought a new House but?

Question

i'm a first time buyer, my question is; What benefits I get by having a house under my name, or what advantages or disadvantages will I get?

Answer 1

Well the best part is you can apply and hopefully qualify for your homestead exemption on your taxes. Plus other write offs on your annual taxes. Other than that its the best investment you can make. Remember paying a mortgage means youre eventually going to own it, or you can sell in a few years and hopefully make money on it and move into a bigger, better place. Now on the flipside, you are going to have to be the one paying for repairs and all maitenance to the home unlike a rental. But ITS A GOOD THING! You will realize being able to do what you want when you want and get something great out of it in the end makes it all worth it. Good luck!

Answer 2

I've rented and I've owned. Owning is better.

The payments never stop when you rent. Never, ever, ever. The rent always goes up, never down regardless of the economy or inflation. I've lived in many apartments and typically the rent went up every six months. That process is as eternal as the seasons, as inevitable as death & taxes. When you move out of your rental you can't sell it because you don't own it.

When a renter has a dispute with a professional property manager the manager is always right. Why? Because you signed papers that said so.

Owning has is dark side too. Maintenance. When the roof leaks or the pipes get plugged up it's your problem.

The best thing about owning is if and when you pay off the mortgage. It's nice when the monthly payments stop forever. It's takes a long time for most of us but you can never hope to see that day as a renter.

Answer 3

Having a house in your name is a very good thing. First off, it's an asset. it theoretically goes up in value and builds wealth. You can borrow against it and built credit worthiness as a homeowner.

You also get an immediate benefit. If the mortgage is in your name, you get to take the interest as a tax deduction. This could mean withholding less each month or getting a large refund at the end of the year.

Answer 4

You own an asset in your name. Therefore you get the benefit of asset appreciation if the value of the house or neighborhood goes up. You also build your credit as you save more equity in your asset. There are tax benefits to paying a mortgage, which reduces your tax liability. You also get to do exactly what you want with your house, so its a reflection of your style. The down side is you are locked into a fixed liabilty (mortgage), you have to make property tax payments, and there is no guarantee that the asset will go up in value, so you can lose money. Overall its a good bet over the intermediate to longer term.

Answer 5

You get to deduct all the interest you pay on your mortgage and property taxes that you pay from your income taxes.

The downside to home ownership is that if something breaks you have to fix it instead of calling the landlord.

Welcome to homeownership it will be the single biggest investment you ever made

Answer 6

you can take the interest off your taxes at the end of the year for sure.

Also in some areas other things can be taken off like security upgrades.

Please remember to save every receipt for items that you do that are home improvements. You get to take that off your taxes the year you sell the home.

Congratulations!

Answer 7

You build your net worth, and there are taxes advantages. Disadvantages; maintenance costs, maybe neighbors.

Answer 8

probably u will get plenty of letters under ur name regarding ur bills , morgages n so on which wont finish until ur end