If you’ve owned in your current house for any substantial period of time especially for 5 years or more it is a great idea to appraise the value of your home for tax purposes. It is also important to see if you are able to refinance your home. If you are able to lower your payment on your CO refinance then you should begin comparing quotes from different mortgage companies.

Homeowners that have lived in their home for two out of five years, there will be a capital gain exclusion law that will let them deduct up to $500, 000 of the earnings from capital gains. This is a great bonus because it means lower tax for homeowners.

Over years real estate always gains, this is not like a car or a boat, the home value will always increase. Excluding a few major dips in the market. This should be a factor that is considered when pondering the benefits of buying a new home.