Kimberly Van Hal's Q&A

(1) Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. (2) Gains. In the last five years, homes in Fargo have appreciated an average of 7.3%. And while there?s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that a typical home owner has approximately $50,000 of unrealized gain in a home. (3) Equity. Money paid for rent is money that you?ll never see again, but mortgage payments let you build equity ownership interest in your home. (4) Savings. Building equity means your home is a ready-made savings plan. And when you sell, you can generally take up to a $250,000 ($500,000 for a married couple) as gain without owing any federal income tax. (5) Predictability. Unlike rent, your mortgage payments don?t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise. (6) Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment. (7) Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. If there?s ever a way I can be of service to you or anyone you know, please contact me. There?s no obligation, of course.