I became a true believer the day I sold my first home and walked away, at age 32, with more money than I thought I'd make in a lifetime. This is the answer! I shrieked to myself, suddenly aware of the true magic of real estate.
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The check was for four times the price I had paid for my one-bedroom apartment when I had bought it four years earlier at age 28. Before then I had been audited by the, IRS three years running. I was single, with no dependents or other deductions, and it seemed the little extra money I made freelancing always ended up being owed to the government at the end of the year. "Buy something," my boss at the time simply told me one day. He was male, White and rich and knew a thing or two about American capitalism. The main thing, he pointed out, is that it's a system that's set up to benefit property owners.
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For starters, as a home owner you can deduct proctically all of your mortgage costs from your income, thus reducing the amount of income on which you will be taxed. You can build up equity (value), or you can hold your property and leverage it (borrow against it) for additional capital to do anything from going back to school or putting the kids through school, to renovating the house or starting your own business.
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Once I became a home owner I got tax relief almost immediately: For three years in a row I had owed money to the government; the first year after I bought my house I got a $7,700 tax refund. Furthermore, with the tidy profit I made four years later, I was able to buy a larger apartment and a vacation home, and I financed my own real-estate business. As I said, I became a true believer.
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Unfortunately, though, buying a home is something too many of us believe can be done only when we're older, married or more financially secure. Yet property ownership is the sure route to financial security--with or without a mate--and today it's easier to achieve than ever before, thanks to a number of first-time home-buyers' programs.
Buying a home is the biggest investment you're likely to make, but the potential for immense profits makes it more than worth taking the plunge.
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