Here is the January 2019 Market Outlook for Virginia Beach and the surrounding areas of Hampton Roads. More information can be obtained from The Real Estate Information Network. Read more here….
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Cities |
Median Residential |
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Norfolk |
$194,000 |
Tax Benefits For Homeowners
Benjamin Franklin coined the phrase “‘In this world nothing can be said to be certain, except death and taxes.” However, on a more positive note, you can also be certain of tax benefits – if you are a homeowner.
Buying a home can provide valuable tax savings to home buyers. Mortgage interest, property tax, and other payments associated with buying a home can go towards your tax deductions. They may decrease the amount of income tax you have to pay to the federal government.
Another advantage to owning a home is that as you begin to pay off your mortgage you build equity in your property. The value of your home can increase as your mortgage balance decreases over time.
For those who rent, the tax savings of ownership go to the landlord – not to the tenants. Wouldn’t you rather build equity for yourself every month instead of paying someone else and giving away “your” tax savings?
More Advantages of Home Ownership
Savings: When you are a homeowner, your monthly mortgage payments can serve as a type of savings plan. Over time you will gain what lenders call “equity,” an ownership interest in your house that you may be able to borrow against or turn into to cash by selling the house.
Stable Housing Costs: While rents typically go up year after year, the principal and interest portion of most mortgage payments remains basically unchanged for the entire repayment period.
Increased Home Value: Houses typically increase in value over time. It’s not unusual for a house that sold 15 years ago to be valued at much more than its selling price today. This increased value is as good as money in the bank to the homeowner.
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I hope that you enjoyed this post!