For those of you considering buying a vacation home or permanent residence along the Indiana Shoreline, you may find yourself asking questions about the current national housing market. The past few years have made many leery of entering the Indiana Shoreline Real Estate market, but with home prices on the rise; now is the best time to buy a home!
In fact, as the team here at Shoreline Property Advisors, we consist of Prudential Rubloff Real Estate agents experienced in the Indiana Shoreline Real Estate market and can attest that buying a home now is a savvy long term investment. Here’s why: we’re still dealing with historically low mortgage rates and home prices. But there’s more! Below are just a few of the additional reasons, as pointed out by Quicken Loans, that you’ll want to seriously consider buying an Indiana Shoreline home this spring!
Appreciation- Buying an Indiana Shoreline home now (at the current rates) can almost ensure your home’s appreciation in the future. Mortgage rates are near historic lows and home prices are the lowest the nation has seen in 10 years! If you hold on to the home until after the market improves, this can result in a significant return on investment!
Property Tax Deductions- For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible. The IRS (Publication 530) provides detailed tax information on and answers questions on what deductions for which home owners are eligible.
Preferential Tax Treatment- If you own your home for over a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset, which are given preferential tax treatment.
Equity Building- There are many factors that play into the final decision of which mortgage loan works best for you such as credit qualification, loan flexibility and annual percentage rate (APR). However, there’s a new trend towards equity building among today’s buyers which means paying more on a loan each month in order to decrease the principle balance more quickly. This trend, called equity building, allows borrowers to:
- Pay off the principle balance faster
- Lock in record low interest rates
- Shorten the length of their home loan
- Own their home faster
- Pay substantially less mortgage interest
Pride- This aspect is still key when it comes to the benefits of owning your own home. Going through the home buying process, building value into your home and having a place to call your own is still a thriving portion of the American dream.
If you are thinking of buying a second home, new permanent residence or relocating to the Indiana Shoreline; we hope these tips are helpful for you! We are always available to talk with you about your home buying needs and would enjoy the opportunity to find your dream home on the Indiana Shoreline!
We’re here whenever you need us, so feel free to contact us today to get started with your home search! We look forward to hearing from you!
Shoreline Property Advisors
@ Prudential Rubloff
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