Advantages to Buying Atlanta Intown Property

save money on home expensesIf holiday shopping for you is a little more than a new pair of shoes or a TV, like say, a house, you’ve probably been heavily weighing the pros of low prices and interest rates and the cons of uncertainty about when to make the purchase. In the event that you need a few more items on the pros side, you might want to check out an article by real estate expert Ilyce Glink, “Hidden Benefits of Buying a Home.”

For one thing, many homes in the Intown area are older, historical homes. While there might be a little more to pay in the way of renovation and repairs, you could also benefit through tax credits both on the state and federal level. Georgia’s Historic Preservation Division has a 25 percent income tax credit for certified historic properties, both owner-occupied and income-producing, and an additional 5 percent credit if the residence is in a Housing and Urban Development Department target area. Those incentives can certainly help offset a little more maintenance and sometimes stricter building guidelines.

Another benefit that’s often glossed over with a number of people being underwater in their mortgage, i.e. owing more on their mortgage than their home is currently valued, is the growth of equity. Putting money against the principal value of your loan means that you’re paying into an investment for the future worth of the home every month. Homes are a long term investment, and with historically low interest rates and home prices, you won’t be looking to get a return for another five to eight years as excess inventory from foreclosures slowly leaves the market.

Glink’s article also explores other benefits and provides several resources for homebuyers. To read her full article, visit the Equifax Finance Blog.

Do you have any benefits to share about homeownership? Let us know in the comments!