STOP paying 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!
NEWS BREAK! All About the Federal First-time Home Buyer Tax Credit
February 18, 2009: Congress Enacts Bigger and Better Tax Credit
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. This is a $8000 GIFT to you courtesy of Congress - (actually tax-paying citizens).
$8,000 Home Buyer Tax Credit at a Glance
Click Here for More information or More Information #2, or contact Mel Coker.
NOW is the time to act with this fantastic $8000 tax break and history-making LOW mortgage interest rates.
Real Benefits of Home Ownership!
The primary benefits of home ownership are...
Wouldn't you rather build equity (a financial asset) for yourself every month instead of helping to buy a property for someone else and giving away "your" tax savings?
Other benefits of home ownership:
When you rent, you're really buying a property (home or apartment) for your landlord. You are sending your hard-earned money down the drain!
Nine Steps to Purchasing Your First Home
I'm using "conservative" examples... Starting out with a $900 per month rent payment for a home or apartment (typically a 3 bedroom/2 bath unit) and comparing this with a $125,000 home purchase.
Rent Example... - Remember, when you pay rent, you're buying a property for someone else!
Start out paying $900 per month for an apartment or home. Assume an average rent increase of only 2.75% per year. In the first year you will pay $10,800 ($900 X 12). In year 10, you will be paying $1149 per month for a total that year of $13,788. The total amount of rent paid over 10 years will be $122,388. The average monthly rent paid over 10 years is $1020. You have received NO tax deductions for the amount of interest and taxes you have paid in your "rent" payment and have NO (ZERO) equity (ownership). This is a POOR choice!
Home Ownership Example... - The Smart Choice!
With a $125,000 home purchase price (97% financed on 30 year fixed rate mortgage at 6%), the initial monthly payment (principal, interest, insurance, PMI) is $915 per month. In the first year you will pay $10,983. In year 10, you will be paying $948 per month. Note that the home ownership payment has increased much less than the rent payment! The reason is that the largest part of the payment to own, for principal and interest, is "fixed" and does not increase over time. The total amount paid over 10 years to own is $111,723. This is a savings of $10,665 over 10 years attributable to smaller increases on house payments over rent payments.
When you own, you will be able to deduct the following on your federal and state tax returns: mortgage interest, property taxes, and PMI payments (in certain situations). Assuming a combined tax rate of 25% for federal and state taxes, the actual savings on taxes over 10 years is $21,284. Yes, your government really does encourage home ownership through tax benefits!
Finally, over 10 years, your home value will increase to $160,000 assuming an annual appreciation rate of only 2.5%. The mortgage balance has been reduced to $101,469 (from $121,250). So, now you have additional built-in equity savings of $58,531. Your total savings in this real-life rent vs. buy example over 10 years is $90,480!
YOU MUST SEE THIS! Printable in PDF format.
Rent vs. Buy Comparison - Look at the HUGE Savings when you buy a home!
Do Financially Successful people pay rent or BUY a home? They BUY a home!
Home Ownership Builds Wealth - The Fedeal 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.
Finish the Course.
Select Mel Coker as Your Realtor of Choice. Receive Special Benefits.
Thanks for taking the time to read my Guide to Buying Your First Home. Buyer Representation from Mel Coker is FREE! Your choice of a buyer's agent is very important. Mel has the experience, professionalism and desire to serve you. Contact Mel Coker NOW to get started.
How to contact Mel Coker...
Office: (803) 749-5800 ask for Mel Coker
Cell: (803) 318-2007
Click here to complete my Contact Registration form. Be sure to mention you finished my Homebuyer's Toolkit course.
Learn more about Mel Coker's experience and qualifications...
Mel Coker IS a Realtor and offers FREE buyer (client) representation. (all real estate sales agents are not Realtors). Mel Coker holds the CRS, ABR, GRI, and SRES designations. Mel Coker has sold over $62 million in sales volume and is a member of the Greater Columbia Circle of Excellence, RE/MAX Hall of Fame and the RE/MAX Platinum Club.
On the Internet: About Mel Coker | All Agents Are Not the Same!
Primary Real Estate website | Mel's RE/MAX Search for Homes website | MelCoker.com | Mel's Columbia Blog
Special Benefits from Mel Coker
You WILL professional and friendly service from Mel Coker. Also, I will enroll you in my exclusive Lowe's Realtor Benefits program. I will email a Lowe's 10% off coupon and an email with access to the HGTV video series. You will also get a regular Lowes magazine mailout with special home maintenance tips.
Finally, please mention to me that you completed reading my First Time Homebuyer's Guide, and I will provide a $150 Lowe's shopping certificate after closing.
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First Time Home Buyer * Guide to Buying a Home * How to Buy a Home
Buying Your First Home * Stop Paying Rent * Home Ownership Benefits
Columbia, SC Home Ownership * Columbia, SC Real Estate