Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
Regardless of why you personally decide the time is right for buying a home in the Washington DC area, there are many reasons most experts would cite. Some are simple and somewhat obvious, but others may provide a new way of thinking about buying a home for many potential real estate investors.
The pride of ownership may be the biggest reason people decide home buying is for them. After years of living in someone else's property, the idea of painting every wall a different color if you choose, or cranking up the iPod through the home theatre system is appealing to many potential homebuyers. Owning your own home provides a sense of investment as well as feelings of stability and security.
Even though the real estate market is cyclical, the end goal of most homebuyers is to realize a profit on the home in the future. Therefore, while the real estate market may drop for a few years, since a home purchase is intended to be for a long period, the fluctuations of the market will not affect most people at the start.
Buying a home offers great tax benefits as well. Most homebuyers will realize tax savings from the date of purchase, especially since in most cases interest paid on the home mortgage is tax deductible. Also, many real estate property taxes paid on a first home or vacation home are deductible as well. Home buying tax deductions will vary based on an individual case basis, but any tax savings is better than no savings at all.
Homeowners who have lived in their home for at least two of the previous five years can typically exclude up to $250,000 for a single person or $500,000 for a married couple, from capital gains taxes. These figures obviously will fluctuate based on current tax laws, but again, this is a benefit extended only to homeowners.
For more information on finding the home that is right for you and your family, or to discuss potential Washington DC area neighborhoods that are perfect for your lifestyle, contact the real estate professionals at Buckman Realtor. The highly trained staff at Buckman Realtor specializes in matching homebuyers with the perfect property in Washington DC, Maryland and Virginia, specifically in the Chevy Chase, Northwest Washington DC, Capitol Hill, and the up and coming Trinidad DC neighborhoods.