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Buying A Business
Buying a business in today’s economic climate requires that you, the buyer, be on the ball, with regard to business basics. This economic climate, as far as businesses are concerned, is a sellers market. With the corporate downsizing, economic...
Death & Taxes
Have you ever owned a stock, or piece of real estate that you wanted to sell? You felt the time was right to take your profit and run. Did you then not follow through with the sale because “the taxes would kill you?” This is what I call “making a...
How To Realistically Set Your Fees - Part 1
We all know there are 52 weeks in a year and 40 working hours in a week. Therefore, we can bill 2080 hours per year, right. Wrong. Too often this is the trap that many new service businesses fall into.
The first step in calculating your...
My Top Ten Tips For Selling Travel on eBay
Becoming a seller on ebay can be daunting. Becoming a travel seller can be impossible, unless you know the secrets. My tips on selling on eBay can apply to all categories of items, but some steps are unique to selling travel.
The travel...
Personal Training: 3 Keys to Training Clients in Their Homes
When considering your options as a personal trainer, one of the very first things to decide is WHERE you are going to train your clients. The most obvious answer for most trainers is to get a job at a local fitness facility and train clients there....
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I Wanna Hold Your Hand: First Time Homebuyers
The Empowerment of Owning Your Own Home
Purchasing a home is one of the most powerful and terrifying events of a person’s life. It is a challenge, but once this challenge is met with strategic planning, knowledge and excitement it becomes an investment. One that will change your financial future and bring more return than you ever imagined. The first step is finding a real estate agent with integrity and experience. The perfect agent will be one who fosters trust, believes in buyer education and offers emotional support. Over time seasoned buyers come to view these agents as partners in locating and analyzing the best investments available.
Don’t Be Afraid of Cold Feet
A first time buyer should expect to feel an initial wave of buyer’s remorse. There is always a moment of panic or doubt right after the first offer is made. Don’t hesitate to ask your real estate agent questions and to communicate your fears. The agent is there to explain each step of the transaction and to interpret local and state laws. Remember that buying a home is a long-term investment. Most properties increase in value and if the purchase is planned well you will have more money in the end. Let the real estate agent know your plans for the future. Is there a chance you will rent the property later? Do you plan to live in the house for less than five years or more than ten? Think clearly and consider all the possibilities. If you are buying an older home be realistic. Prepare for repairs and hard work. Expect to make changes and improvements that will increase the return on your investment.
Building a Foundation For a Better Life
The benefits of ownership can change the financial profitability and personal outlook of one’s life. The power of purchasing property creates a refreshed sense of security and freedom. The tangible pay
off of seeing your money in action creates confidence and pride. Renting takes only the present moment into account, buying allows you to invest in your own future. Unlike unpredictable rental fees, mortgage payments are stable or increase gradually. A mortgage payment increases your credit score and opens doors to other investment opportunities. A successful purchase allows you to personalize your living space, which gives you the motivation to stay on top of your investments. Take a look at your neighborhood and become more inspired, more proactive. Build the perfect atmosphere and home and look forward to an even more exciting return on your investment.
Tax Incentives Make Buying The Better Choice
Buying a home allows you to build equity and have huge tax breaks. Mortgage interest and annual local and state property taxes are deductible. Since the first few years of mortgage payments are mainly interest, and therefore deductible, the savings is amazing. Up to $100, 000 interest on home equity loans can also be deducted. Loans and interest on loans used to improve a home with the intention of renting can be deducted, as well as, mortgage interest on second homes if you rent them. Capital improvements made to increase the value of a home can be recorded and reduce the capital gains. To explore all of the tax advantages of purchasing and owning a home remember to consult a professional in your area. The joy and accomplishment of ownership are waiting for you!
About the Author
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property as part of her business. Elaine is also an Accredited Buyer's Representative as well as a Senior Real Estate Specialist. She has helped numerous clients invest in and make money on property in Southeastern Virginia.
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