First Time Home Buyers

Kingsport New Homes

Congratulations on deciding to purchase a new home. You’ll always remember the feeling that comes with buying your first home. The process requires quite a bit of careful research, but that doesn’t mean it has to be difficult. Ask any of our homeowners who have chosen Edinburgh Homes, and they’ll tell you the same thing: When it comes to buying a house, don’t settle for less. From the minute we break ground to the day you move in and beyond, we’ll make sure all the details are right. Because at Edinburgh Homes, we’re just as excited as you are.

Owning Verses Renting

What are the advantages of owning verses renting a home?

It's never too early or too late to plan for your future. Paying $750 rent per month now is the equivalent of buying a home for $100,000. In 40 Years with approximately 4 percent inflation per year, your $750 per month rent may increase up to $3,600 per month. With owning you could have your mortgage paid off in as little as 15 years. Owning a home is a very wise investment. Over time you should build up equity that can be used to pay for home improvements, a bigger home, etc. Real Estate historically is one of the most stable markets available to invest your money in. There are also tax advantages to owning. The interest you pay on your mortgage may be tax deductible. Talk to your tax preparer for more information.

Buying a home is probably the biggest financial commitment you'll ever make. Buying a home is not just a dollars-and-cents investment; it's an investment in your life. It will create a sense of stability and identity for you and your family. Regardless of how times change, owning a home remains the cornerstone of the American dream.

The benefits of buying, when able to, far outweigh those of renting. But in the long run, owning a home is extremely important since your home is one of the biggest investments you can make. The key to this is home equity. Equity is essentially the value of the home.

Here are just a few of the many advantages to owning vs. renting

• You can build equity     No matter how much rent you pay, 100 percent of your apartment or house still belongs to your landlord. But every time you make an amortized mortgage payment, you own a little more of your house. Initially, interest makes up the vast majority of your payments, but the proportion is constantly shifting in your favor. If real estate values rise, you’ll be even farther ahead. The longer you plan to stay put, the more of this benefit you will reap.
• Tax Deduction      You can usually deduct mortgage interest on your tax return, which can mean big savings. If you’re in a 28% tax bracket and have a $150,000 mortgage at 7%, the first full year you own your home you’ll most likely be able to deduct more than $10,000 in interest. That translates into a tax savings of almost $3,000. In addition, even if you sell your principal residence for more than what you paid, you may not have to pay capital gains taxes. (There are limits, so consult a financial advisor for advice on your particular situation.)
• Pride of ownership      A house may be an investment, but first and foremost it’s a home for your family. Even without the financial benefits, many people like the stability and sense of pride that comes with owning a home. You can renovate it to suit your own needs, plant a vegetable garden in the back and let the cat scratch the walls knowing there’s no landlord to impose his or her rules.

Why Buy a New Edinburgh Home?

• Choices      When shopping among existing homes, you have to take the previous owners' style into consideration. Do you pay even more to redecorate or do you make do with someone else's choices? A new Penn Home, however, provides you with numerous design, color and material options.
• Modern Appliances      Appliance manufactures introduce new models every year and Penn Homes is able to offer you the latest state-of-the-art equipment at the time of completing your new home.
• Floor Plans     Take a tour of many existing homes and you will find dated floorplans. We offer you a variety of modern layouts and styles to suit your family's needs and lifestyle.
• Low Maintenance    Why worry about constantly maintaining your home if you don't have to? A new Penn Home offers the latest and greatest materials that technology can offer. New Homes are virtually maintenance-free for many years.- 

Please visit our website at edinburghcommunity.com if you have any questions or please feel free to email me directly at edinburghhomes@gmail.com