Get the facts on what price home you qualify for and what mortgage interest rate is available.
June is National Homeownership month encouraging people to enjoy the social, security and financial benefits. According to the Joint Center for Housing Studies at Harvard University, the following reasons were given for Americans buying a home.
- Good place to raise children and provide them with a good education
- Physical structure where you and your family feel safe
- More space for your family
- Control over what you do with your living space, like renovations and updates
- Good way to build up wealth that can be passed along to my family
There are significant financial benefits to homeownership that include:
- The net worth of homeowners is over 40 times more than renters
- Each payment on an amortized loan reduces the principal and builds equity
- Appreciation increases the value of the home and the owner’s equity
- Some homeowners will benefit by taking itemized deductions including interest and property taxes
- Exclusion of capital gain … up to $250,000 for single taxpayers and $500,000 for married filing jointly
- Stepped-up basis for heirs which results in reducing or eliminating gain
For more information, download the Homeowners Tax Guide and the Buyers Guide.
McKee Smith, REALTOR®, is an experienced real estate agent that specializes in the Dallas and Fort Worth market. He understands the intricacies of the DFW housing market. He works out of his home in Coppell, Texas. He is a Senior Real Estate Specialist® (SRES®) and new home construction buyer representation certified. Remember – McKee has the keys to selling your home!