Real Estate and Relocation Resources

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Tax Benefits of Owning a Home
Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone.

Here's why: Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners' tax liability by reducing income. The deduction includes interest paid on both a first and a second home.

Interest on home equity loans is also deductible - whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World.

Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent - less if the seller's tax rate is less than 20 percent.

Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn't be deductible if the taxpayer took the standard deduction.
Source: The Boston Globe, Leonard Wiener (03/02/08)

Your Property Wish List/Checklist (PDF 156K)

Loan Application Checklist (PDF 125K)

Buyer’s Prequalifying Fact Sheet (PDF 31K)

Buyer’s Checklist

Seller’s Checklist

Helpful Hints to Survive the Mortgage Process (PDF 113K)

HUD Fair Housing information (PDF 91K)

State of New Mexico - Agency Links

The Real Estate Library

Viva New Mexico

New Mexico Department of Tourism

Info about Magdalena and the Surrounding Area

Magdalena Subdivision Information and Maps (PDF 1.5M)

Datil Subdivision Information and Maps (PDF 1.3M)

Distinguishing between Site Built Homes/Single Family Residences, Mobile Homes, Manufactured Homes, Modular Homes and Panelized Homes

Water Rights can and do change according to County Rules and Regulations. This information was obtained from a brochure published by the South Central Council of Governments. Click here to read more ...