As a Realtor, in addition to the five financial reasons to buy a home, (see illustration below) I also remind my clients of the tax advantages to home ownership.
With tax season just beginning, now is the perfect opportunity to find out exactly how much of a tax break (Savings) you would be entitled to as a homeowner vs. as a Renter.
- Call your lender, to obtain a pre-approval.
- Ask your CPA or tax preparer if;
- for purposes of comparrison, they would also prepare a return with the information provided by your lender (Principal, Interest, Taxes and Insurance).
You may be pleasantly surprised to learn that in addition to not paying much more than your current rent, how much money you may actually be leaving on the table in terms of tax deductions.
Whether or not you decide to buy now, call your lender, get the pre-approval and use those numbers to get a clear picture of exactly what you are working with using factual data to help you make the right financial decision for you and your family.
As always, I am available if you have any questions or need help with any of the above.