Homes For Sale Springfield IL – The Financial Side of Buying A Home

by | Apr 3, 2012 | Real Estate

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When is the best time to start looking at homes for sale in Springfield IL? Does the property market swing from buyers to sellers depending on the economy? How can you be sure that when you’re looking at homes for sale SpringfieldIL that you’re investment will give you a positive return?

All questions that are asked every day by home buyers across Illinois and the rest of the country. Although there has been a shift in the buying model over the past few years due to the recession, it is still worth looking at homes for sale in Springfield IL if you’re a serious buyer.

Homes for Sale Springfield, IL – Investment of Family Home

The first thing that you need to establish before contacting any agents or looking at homes for sale in Springfield IL, is the reason for buying a property. You will have a different approach if you are buying a family home than if you are looking at a second property for rental income. The average appreciation of homes for sale in Springfield IL is in the region of 4% per year. This might not seem like a lot of money, and you may even consider investing in high earning stocks and shares to get a better rate of return but consider this for a moment:

*Real estate is one of the safest long term investments that you can ever make. Not only does it give you a roof over your head, but it goes a long way to establishing your bonafide in terms of credit in financial matters.

*Your home, although appreciating at 4% per year it could actually yield you a return of up to 20% in just the first year, depending on your mortgage and the deposit that you pay.

*The interest on your mortgage and your property taxes can be claimed as a tax credit. Home ownership has many advantages for people when it comes around to tax time. You can make a number of tax savings and use home tax credits to your advantage and it is the largest deduction against your income.

Home for sale in Springfield IL – Savings and Saving

When you’re looking at homes for sale in Springfield IL, you need to think of your home as a savings account, which it is. Your mortgage payment each month is a calculated way of saving for the future. The sooner that you pay off your home, the sooner you have an asset that is worth a huge amount of money. If you are renting a home, your money is not being put to work for you. Paying money towards someone else’s mortgage doesn’t make any sense, especially in a recessionary economy. If you’re interested in some of the homes for sale in Springfield IL, get in touch with a reputable realtor who can show you the process of buying your dream home, and ​making an investment in your future.