subject: What Buyers Need to Identify Concerning Buying Malibu Foreclosures Tip 11 [print this page] Are you currently going through the process of thinking about purchasing a property? The time may be right to make your move out of the world of renting and into home ownership. There are many advantages to buying a home. The one thing at the top of your list of priorities should be to arrange a time to have a meeting with a mortgage advisor. A couple of years ago when I was scouring the area for Malibu foreclosures, my mortgage advisor gave me outstanding advice.
The possible benefits from owning a home
First: Home equity - house values go up, full stop, what actually transpired recently economically was just a temporary blip. This equity occurs in two ways. Firstly, your monthly mortgage repayments will result in a lowering of the total amount which you owe. This entire process is termed principal pay down. The 2nd way in which equity is created is through the actual property price increasing. The last 2 or so years have bucked the trend as house prices have in fact not increased, but decreased - which in fact means that it is the perfect time to buy. One of the best investments in terms of property at present is the one offered by buying into Malibu foreclosures.
2: Tax Savings - We all wish to save in this area. Getting a mortgage is actually a good thing in many ways - most notably it enables you to become eligible for tax savings. The property taxes and the interest you pay on your mortgage is a tax deduction. By way of an example, if you pay around 35% of your annual income in taxes, then you will, in essence get 35% of your dwelling cost back in tax saves. This is where you begin to see how much more beneficial home ownership is. Don't take this article as 100% true to word though, tax rules vary worldwide and statewide so always check first. For example the tax rules regarding Malibu foreclosures are notoriously obscure.
3: To let you settle in - When you buy a house it becomes yours and you can settle down. By this, what we mean is that you can personalize your property. You will have opportunities to make new friends in your area. When I was searching for Malibu foreclosures, I met some great people just looking round the houses. If you have children you are able to settle in to the schools and local sporting programs. You will also be investing your cash wisely, as opposed to arguably throwing it away renting.
If this is something that you would like then go ahead and speak to a realtor and a mortgage broker or bank. After you know what price home you can comfortably afford, you are able to look at location, style, and the size of the home that you want to pursue when buying a home. On a side note though, if you are looking for inspiration in terms of areas to live in, then look for Malibu foreclosures.
What Buyers Need to Identify Concerning Buying Malibu Foreclosures Tip 11
By: Sheldon Burton
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