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Financial Benefits of Home Ownership

Owning a home is a big financial investment, but it has the potential to provide the buyer with some substantial rewards as well. Let’s look at some of the ways that owning a home can provide you with some great benefits from a financial perspective.

When you buy a home in Grand Junction, it has quite a bit of potential to go up in value over time. Of course, this is dependent on the home you choose, and making sure that you can actually afford the property. Each month, you are building equity in your home. Every payment you make increases the equity you have in the place. Over time, the value of the property can increase.

In addition, you could always choose to use it as an investment property if you would like. This can help you pay off your mortgage and even bring in some extra income each month.

Of course, one of the biggest benefits is the tax deductions that you can get when you own a home. You are able to deduct interest payments from your taxes, which can actually help you to save a substantial amount on your home, particularly in the early years. With the money you save on your taxes, you could actually make extra payments on your home to pay it off a bit earlier.

In addition, when you own a home for more than five years, you will find that it is cheaper than renting. You aren’t simply throwing your money away either. You have an investment that will last your lifetime if you choose.

Thanks to these financial benefits, and the great properties in the area, there has never been a better time to start looking for a great property in the Grand Junction area. Start your search today.

Resource: forbes.com

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Do Not Make These Home Inspection Mistakes

Most people realize that they need to have a property inspector come out to the home they are considering buying, but they don’t always realize there is a bit more to the process than simply choosing the first inspector they find. In this post, we’ll look at some of the most common mistakes and problems that people have when it comes to the inspections.

Sometimes, buyers who are building a new construction home don’t feel as though they need an inspection. This could be a huge mistake though. Even though the home might seem as though it is up to code and has passed inspections by the county or city, you need to have an inspection that you pay for just so you can be sure everything is up to par with the home. Never assume that things are right just because they are new.

Some homebuyers do not even go along on the inspection of the property because they know they will receive a written report. Even though they might get a report, they really do need to go on the inspection so the inspector can actually point out the problems and explain them more clearly.

Buyers must always follow up on the findings and recommendations from the inspectors before they close on the property. They need to make sure that the sellers know about and correct the issues, or come to an agreement where they lower the price of the property, for example. If the seller decides to fix the issues, the buyer should have the same inspector return to the property after the repairs are complete to make sure they actually fix the issue and are not merely providing a cosmetic fix.

Finally, some buyers feel that they don’t really need to have an inspection after all. They trust the seller. Even if the seller is trustworthy though, you need to have a professional opinion on the condition of the house.

Resource: http://www.bankrate.com/finance/real-estate/5-biggest-home-inspection-mistakes-1.aspx