7 Reasons You Should Buy A Home During The Pandemic

7 Reasons You Should Buy A Home During The Pandemic

The home buying process can seem complicated. But, if you take things step-by-step, you will soon be holding the keys to your own home!

First, you need to know how and where to begin. We will answer all of the questions you have. With all of the details involved, you should have a knowledgeable professional there to hold your hand and navigate you through every step but also be armed with the initial knowledge you will need to fully understand at least the basics without going in blind.

KNOWING AND UNDERSTANDING YOUR CREDIT

It’s important to understand the importance of credit and how it affects you when buying a home.  With the click of a few buttons, you can find out what your credit score is. Also, you can discuss what it says to lenders You can get a free copy of your credit report once per year for mortgage purposes. You can ask how to correct any errors you may find. If you have not-so-great credit, you should also work with a credit repair expert who can help you repair your damaged credit and put you back on the right path. Furthermore, you can familiarize yourself with the excellent rent-to-own programs available that are beneficial to you during your transition if needed.

RENT-TO-OWN PROGRAM

If you aren’t quite ready to purchase yet, you can really benefit from a reputable rent-to-own program. The program was designed to help renters with credit issues who can’t yet qualify for a mortgage or don’t have a large lump sum of cash available for a down payment. With Imperium Enterprise’s rent-to-own program, instead of just paying rent, your rent payments apply toward the purchase of a home! So you can build equity while repairing your damaged credit to qualify for a mortgage.

SAVE MONEY ON THE PURCHASE OF YOUR HOME

Every soon-to-be homeowner welcomes reducing the financial burden of this magnitude. It is better to work with a team of knowledgeable professionals. They understand and strategize around intricate knowledge of the business, they can show you a variety of things you can do before, during, and after the closing to save money on the purchase of your home!

However, before anyone can get to saving you money, we have to get your mindset wrapped around why this is a natural next step for you to take right now if your goal is building wealth, especially if you intend to do so in the long term.

We have highlighted 7 top reasons you should buy a home during this COVID-19 pandemic below:

• Pride of Homeownership

Pride of ownership is a key reason for wanting your own home. Decorate it to your own taste and enjoy all of the benefits while making a great investment.

• Appreciation Over Time

Real estate over time has been considered a good investment because of how much it has appreciated.  The effects of leverage can multiply the increase when borrowed funds are used to purchase the home. Many times, the largest investment a person owns is their home, which has also been a good hedge against inflation. Homeowners build equity. They can borrow against that equity for a variety of reasons that could include college, medical, or to start a business.

• Income Tax Purposes

Qualified mortgage interest and home equity loans are deductible for Income Tax purposes.

• Property Tax Incentives.

Property taxes on a first or second home are deductible for Income Tax purposes.

• Capital Gains Deferred When You’re Ready To Upgrade (or Downgrade)

A homeowner can exclude up to $500,000 of capital gain if married. Filing jointly or up to $250,000 if single or filing separately for homes that have been the taxpayer’s principal residence for the previous two years. 

There is no age requirement for taking the capital gains exclusion like the “over 55” rule in the past. It is not necessary to purchase a replacement home more expensive than the one sold.  Homeowners can buy a more or less expensive home with no tax consequences. Their gain is less than the allowable amounts.

• Preferential Tax Treatment 

Capital assets made preferential tax treatment on gains. IRS permitted more than one year. This is especially important for homeowners with gains over the allowable exclusion.

• Retire The Debt Over A Period Of Time

Mortgage payments include the interest for the time that the money has been used and the principal to retire the debt over a period of time. Each month, part of the payment is for principal accumulation.

INVESTOR EXPERTISE

Property investing is a serious business. The key to making money in real estate investing starts with BUYING RIGHT. This is the #1 mistake investors make. They don’t understand that you make money when you buy a property. We have helped landlords,  rehabbers, and wholesalers all across the state. We have helped by arming them with the knowledge to make the BEST  decisions, ensuring a solid investment!

ACCESS TO OUR NETWORK OF REAL ESTATE INDUSTRY PROFESSIONALS

When you purchase a property from us here at Imperium Enterprise, you are not just buying the house, but you’re also obtaining access to our entire network of real estate professionals as well. We work closely with a network of real estate professionals to provide you with access to the best-of-the-best in the industry. To assist you in the home buying process, we often leverage our close relationships to meet your needs.

Don’t know where to begin in getting a loan? We can assist you in selecting the right mortgage professional. Also, refer you to local bankers and mortgage brokers that have served our clients well in the past. We encourage all of our clients to give our preferred lenders a call – there is no obligation and you may just save some money. (We do not receive any benefit from any company to which we refer our clients. Our referrals are based on experience with those companies, and our criteria are simple. They have to treat our clients with the same level of care and service that we provide. They  have to maintain good communication, and they can’t make mistakes!)

If you are ready to take the next step to buy a home during this pandemic or at least get some additional information to see HOW it can be possible for YOU, we encourage you to…

CONTACT US TODAY AT: (628) 244-9222