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Urban and rural property
After Dismal Year, Homebuilders See Hope in 2012
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Saving the Best for Last
The end of the year is a great time for renters to become homeowners, growing families to move to more accommodating homes, and baby boomers to find houses that fit their evolving lifestyles.

Benefits to buying at the end of the year include:

Tax savings. Closing on your new home by Dec. 31 means you can deduct mortgage interest, property taxes and points on your loan on your income tax return. You can also deduct the interest costs associated with a home equity loan. These deductions are significant, especially in the early years of your loan when you are paying off so much interest.

Sellers might be more motivated. Many sellers will also be anxious to sell by the end of the year so that they, too, can enjoy tax savings on the next home they purchase. That means you may have more leverage during negotiations and they may be willing to accept lower than their listing price. However, if you're in a strong seller's market, you'll want to be conservative -- and always heed the advice of your real estate professional.

If you're buying a new house, there's a good chance builders will be offering incentives. Many builders will throw in nice little extras to sell as many houses as they can by the end of the year.

Generally speaking, your housing choices during the fall are still healthy. By December there are traditionally fewer houses on the market. October and November are great months to go house hunting.

It's easier to move. Many moving companies are booked six or so weeks in advance during the busy summer months. In the fall and winter it's normally easier to secure the services of a moving company or rental equipment on shorter notice.

A new home for the holidays. The holiday season is a great time to celebrate your new home with family and friends.

In addition, you'll enjoy the many benefits that come with homeownership, regardless of what time of year you buy, including:

Paying toward something you own. If you're renting, your rent payment goes toward something that will last you a month -- a place to live for 30 or so days. When you buy a house, your monthly mortgage payment goes toward something you own.

Consistent payments. Landlords have the discretion to increase your rent, plus it's exposed to inflation. Once you secure a mortgage, you can rely on consistent payments (if you have a fixed-rate mortgage).

A place to make your own. When you own your house, you can update your kitchen, paint your home's exterior in any color you choose, change your fixtures, and replace your carpeting -- all with the knowledge that the changes you make are your own.

Gaining equity. In the beginning, most of your payment goes toward interest. But gradually more will go toward paying off your principal, meaning you build up equity -- or savings -- in your home. Another factor in equity is appreciation. As home values go up in your area, so too does your rate of equity.


  
Shopping for a Home in Winter
Secrets to a Successful Move
Saving the Best for Last
Renting to Own
New House or an Old One?
Make Them An Offer They Can't Refuse
Lifestyle Choices Affect Bottom Line
Inspecting Your Home Inspector
In Love With Two Houses?
How to Track Down Foreclosure Properties
Home-buying With Others
Five Keys to Successful Negotiation
Five Key Areas to Pay Attention to When Buying a Home
Finding a Good Home Inspector
Find the Perfect Neighborhood
Don't Overlook a Home's Potential
Do You Have Buyer's Paralysis?
Debt Reduction Not Required to Buy
Debating Between a Condo or a House
Contingencies Your Home Offer Should Include
Can You Afford to Buy a House?
Buying a Home With Loans from Family and Friends
Buyers, Get an Edge During The Busy Spring Season
Affordability Options for First-time Home Buyers
14 Things to Consider Before Buying a Home
12 Red Flags That Should Raise Concern
10 Summer Moving Tips
Experts Predict Annual Home Value Appreciation to Exceed 6 Percent in 2013
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