ICC Real Estate Services
Your better option in Real Estate

If you're thinking right now whether it's worth buying a home, you're not alone. Although the phrase sounds so familiar that this is a great time to buy a home, many people are wondering if it has advantages of owning. Sure you've heard that the value of homes has dropped and it is better to rent than buy, but the truth is that buying a home is still part of the American dream for millions of families who long for their own home.
 
Here you will see a list of the benefits of buying your home. Of course, this also is a purchase that comes with obligations, and before you make assess whether homeownership is for you or whether your current reality.
 
You will feel that you have a secure roof for you and your family.

Power to call that space you inhabit "my home" will make you feel confident, with rights and especially proud. Buy your house will give you a sense of accomplishment to feel you reach one of your personal and financial goals most desired, and that will contribute to a better quality of life for you and the whole family.

When purchases are just the changes from year to year, affecting both your pocket and the stability of your family. Besides money that you save the time you have to devote to collect your belongings in the old house and accommodate the new. One of the biggest advantages is that if you have children they do not have to change schools, but to do so with his own group, and will continue to share with their friends in the community activities.
 
The purchase is an investment.

It is true that unlike a few years ago, not immediately gain the value of your property in most cases. But long term real estate investment remains safe and there are many experts who think that is over the worst of the economic crisis and see the future with optimism. However it is important to have realistic goals about your winnings. Again, these will not be reflected immediately, with some exceptions.
 
Could represent tax savings.

Depending on the financial situation and tax laws that apply to your dwelling place, you could deduct the interest on your home loan your annual taxes. In the U.S., depending on where you live and if that's your main home, you may have a tax exemption, which is sometimes automated. In other states you have to apply. To learn how you benefit the purchase and your responsibilities regarding taxes, consult an expert.


INCENTIVES


Regulations approved by the Program My Own House (MCP) and Circular Letter 2013-008, which specify the rules and procedures necessary to obtain the benefit of the program. (Abstract).

BENEFITS

• Up to 3% of the purchase price or appraisal, whichever is less. Maximum $ 6,000

Units with sales price or appraised less than $ 100,000, the minimum is $ 3,000. In cases where closing costs are less than $ 3,000 benefit will be limited only by the amount necessary to cover closing costs.

In new construction properties of social interest, the contribution will be subsidized up to 5% of the sale price, even if it exceeds $ 6,000

The benefit will be adjusted by an equation of liquidity (assets that a customer). Royalties can not be considered as liquid assets in the liquidity analysis.

 

CONDITIONS FOR ACCESS TO BENEFIT

Annual Gross Income less than $ 60,000

U.S. citizen or legal resident of PR least 1 year

That the property is for a principal residence.

It has previously been granted another similar program.

You can not have another property in your name.

 

HOUSING CONDITIONS

Sales Price or Valuation (the lesser) of not more than $ 200,000

Social Housing.

Residential (single family) to $ 110,000

Apartments / Walk-Ups (multi) up to $ 125,000

It may be up to 2 units, provided that one of the units either as a primary residence.