New Salt Rock City is a multifaceted development between Salt Rock and Ballito on the North Coast of KZN, the development boasts 188 hectares of rolling hills and sea views with approximately 57 hectares of greenbelt, wetlands and conservation area and has world-class beaches on its doorstep. The estate has excellent security controlled by IPSS with 24 hours gated access to all residential sites.
If you're like most first-time home buyers, you've probably listened to friends', family's and coworkers' advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are eight good reasons why you should buy a home.
Pride of ownership is the number one reason why people yearn to own their homes. It means you can paint the walls any color you desire, turn your music up, attach permanent fixtures, and decorate your home according to your own taste. Homeownership gives you and your family a sense of stability and security. It's making an investment in your future.
Beyond pride of ownership, it's important to realize another benefit. First, real estate moves in cycles, sometimes up, sometimes down, yet over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single-family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.
Homeownership is a superb tax shelter and our tax rates favor homeowners. Sometimes the mortgage interest deduction can overshadow the desire for the pride of ownership as well. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.
IRS Publication 530 contains tax information for first-time homebuyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. In California, the passage of Proposition 13 in 1978 established the amount of assessed value after property changes hands and limited property tax increases to 2 percent per year or the rate of inflation, whichever is less.
As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the "over-55" rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit—subject to limitation—free from taxation.
If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset as long as you own your home for more than one year. Capital assets receive preferential tax treatment. This means even if your profit exceeds the exclusion, the taxable portion will be much less than you might imagine.
Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month. It is the lowest on your first payment and highest on your last payment. On average, each $100,000 of a mortgage will reduce in balance the first year by about $500 in principal, bringing that balance at the end of your first 12 months to $99,500.
Consumers who carry credit card balances cannot deduct the interest paid, which can cost as much as 18 p
A new commercial hub is in the works for Mount Richmore Estate and it is going to be home to more than a new Checkers Super Market.
You can be sure that this town will tick all of the boxes for the ideal location to live.