Lee Morof's Real Estate Blog

While we all know that the economy has taken a hit on the real estate market, that doesn’t mean that purchasing a Royal Oak Michigan home for sale and putting down roots has turned into an out-of reach dream. In fact, you can grasp it quite easily, and there are many benefits to doing so.

Start 2012 off right by setting new life and financial goals for yourself. If you’ve been renting and are planning to remain in Royal Oak, then it’s definitely time for you to consider buying a house. Here are some benefits you should take into account:

• You’ll build equity. If you take out a loan, you’ll be using someone else’s money to turn your property into a piggy bank and eventually make money as your home appreciates. Plus, when you put your Royal Oak Michigan home up for sale down the road, you don’t have to share the proceeds — what’s not to like about making money with your bank’s money!
• You’ll receive tax breaks. The government supports purchasing houses by giving you significant tax breaks on your federal taxes. And when it comes time to sell, you don’t have to pay capital gains taxes either, until you hit a certain ceiling.
• You’ll be able to count on consistent payments year to year. If you can get a fixed-rate mortgage, you won’t need to worry about an annual increase in your payments. When you’re renting, you never know what your payments could be from lease to lease, which makes it hard to determine if your current residence will always be within your budget.

While the appreciation on a house you purchase might not shoot up as fast as it did a decade ago, buying a home is still a wise long-term investment. Paying rent is no investment at all.

If you’re on the fence about the benefits of purchasing one of the Royal Oak Michigan homes for sale in the New Year or would like to see what’s available, please call 248-514-2640 today or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com