Mel Coker, Columbia Realtor BUYER'S GUIDE
Columbia, South Carolina Real Estate
Mel Coker
Realtor, CRS, ABR, GRI
RE/MAX Metro Associates
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First-time Homebuyer Information & Benefits (Chapter 5)

Buy a home in Columbia, SC STOP feeding the Rent Monster!

BUYING your own home is EASY and SMART! Home ownership is a great investment. When you're ready to buy a home in Greater Columbia, be sure to contact Mel Coker. Your choice of a Realtor Professional is important!

Owning a home IS the American Dream.
It starts with being smart about your money.

The primary benefits of home ownership...

Build equity - it's really simple... over time, you pay a mortgage balance DOWN and the value of your property goes UP. The result is equity gain (a financial asset). As long as you pay rent (buying a property for someone else), you build NO equity or financial asset increase. Pay rent for three years, or five years, or 10 years or longer and you will walk away with NO equity.

A BIG tax advantage - The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, priviate mortgage insurance (in certain situations) as well as some of the costs involved in buying your home. These deductions, in most cases, will significantly decrease the amount of taxes you will owe on federal and South Carolina state tax returns.

First-time Homebuyer Tax Credit – Congress has recently enacted a law to encourage home ownership for first-time homebuyers (The Housing and Economic Recovery Act of 2008). Key provisions:

  • The tax credit is available for first-time home buyers only. (anyone who has not bought a home for the last three years is eligible)
  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  • The tax credit works like an interest-free loan and must be repaid over a 15-year period (it's an interest-free loan!).
  • The home owner does not have to begin making repayments on the credit until two years after the credit is claimed.
  • If or when the home is sold, the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. (THIS provision is BIG... it's almost a guarantee or protection that the home value will increase during the period of the tax credit payback)
    First-time Homebuyer Tax Credit (NAHB) | First-time Homebuyer Tax Credit (NAR) | Tax Credit Frequently Asked Questions

    Do Financially Successful people pay rent or BUY a home? They BUY a home!

    Home Ownership Builds Wealth - The Federal Reserve Board estimates that HOMEOWNERS have a net worth almost 36 times more than that of renters! In 2004, the median net worth of homeowners was $184,000 compared to $4,000 for renters. Research studies indicate that home ownership adds to the value of communities and has positive effects on children.

    Home Buying = Wealth Building

    Complete First-time Homebuyer’s Guide | Rent vs. Buy Homeownership Example

    Previous | NEXT | Home Search Criteria Registration Form | Buyer's Guide PDF format

    Chapter 1 - Introduction | Chapter 2 - Searching for a Columbia area home | Chapter 3 - Mortgage Information / Pre-qualification | Chapter 4 - Columbia (SC) area information and links | Chapter 5 - First-time Homebuyer information and benefits | Chapter 6 - Lake Murray Information / Golf Course Communities | Chapter 7 - About Mel Coker / Your Choice of a Realtor IS Important | Chapter 8 - Retirement in the Columbia area | Chapter 9 - Schools, Cost of Living, Average Prices, Taxes & More | Chapter 10 - Home Buying Steps | Chapter 11 - An Internet Special for working with Mel Coker - Receive a Lowe’s Gift Card

    Happy & Smart First-time homebuyer
    Closing Attorney Tom Anderson & First-time Homebuyer

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    Mel Coker
    RE
    /
    MAX Metro Associates
    All offices are independently owned and operated
    690-B Columbiana Drive
    Columbia, SC 29212

    Office: 803-223-6214
    Direct: 803-388-8011

    e-mail: melcoker@remax.net

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