Tuesday, April 17, 2012

Interested in Buying a Deep Creek Lake Home This Spring? Discover a Few More Reasons to Jump In!

Chances are you’re visiting our blog because you’re seriously considering buying a home this spring on Deep Creek Lake.  We’re glad you’ve stopped by!  As Deep Creek Lake Real Estate agents here at Coldwell Banker Deep Creek Realty, we always look forward to helping people find a vacation home or permanent residence that captures the essence of Deep Creek Lake and that they can enjoy for years to come!
You may be curious if now is a good time to buy a home on Deep Creek Lake, which is a great question and one we hear often.  As we deal on a daily basis with the ins and outs of the Deep Creek Lake Real Estate market; we can assure you that now is really an excellent time to buy!  
There are a few main reasons buyers are finding these favorable conditions irresistible, such as low home prices and historically low mortgage rates.  But there are a few more reasons, as recently pointed out by Quicken Loans, that will make it hard to resist beginning the search for the home of your dreams on Deep Creek Lake!
Appreciation- Buying a Deep Creek Lake home now (at the current rates) can almost ensure your home’s appreciation in the future.  Mortgage rates are near historic lows and home prices are the lowest the nation has seen in 10 years!  If you hold on to the home until after the market improves, this can result in a significant return on investment!
Property Tax Deductions- For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible.  The IRS (Publication 530) provides detailed tax information on and answers questions on what deductions for which home owners are eligible.
Preferential Tax Treatment- If you own your home for over a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset, which are given preferential tax treatment.
Equity Building- There are many factors that play into the final decision of which mortgage loan works best for you such as credit qualification, loan flexibility and annual percentage rate (APR).  However, there’s a new trend towards equity building among today’s buyers which means paying more on a loan each month in order to decrease the principle balance more quickly.  This trend, called equity building, allows borrowers to:

- Pay off the principle balance faster
- Lock in record low interest rates
- Shorten the length of their home loan
- Own their home faster
- Pay substantially less mortgage interest
Pride- This aspect is still key when it comes to the benefits of owning your own home.  Going through the home buying process, building value into your home and having a place to call your own is still a thriving portion of the American dream.
We understand that buying a home, especially as a vacation or investment property is a large financial decision.  You never want to feel that you’re rushing into a decision or are not ready to take the plunge.  You’ll want to make sure you’re completely comfortable with the financial and personal aspects of buying a new home.  
However, if you are ready to buy a Deep Creek Lake home or you want to explore some of the questions you have about living and purchasing a home on Deep Creek Lake; please contact us!  We are here to help and hope to hear from you soon! 

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert


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