Tax Benefits For Homeowners
We all know the old adage about nothing being certain except death and taxes. But on a more positive note, you can also be certain of tax benefits if, that is, IF you are a homeowner.
Purchasing a home can provide valuable tax savings to homebuyers. Mortgage interest, property tax, and other payments associated with financing a home can apply to your tax deductions. They may decrease the amount of income tax you must pay to Uncle Sam!
Another financial perk to owning a home is that as you begin to pay off your mortgage, you can build equity in your property. The value of your home can increase as your total mortgage amount decreases over time. These Tax Benefits For Homeowners Only.
Purchasing a home can provide valuable tax savings to homebuyers. Mortgage interest, property tax, and other payments associated with financing a home can apply to your tax deductions. They may decrease the amount of income tax you must pay to Uncle Sam!
Another financial perk to owning a home is that as you begin to pay off your mortgage, you can build equity in your property. The value of your home can increase as your total mortgage amount decreases over time. These Tax Benefits For Homeowners Only.
For those who rent, the tax savings of ownership go to the landlord, not to the tenants. Wouldn't YOU rather build equity for yourself every month instead of paying someone else and giving away "your" tax savings?
Additional Advantages of Homeownership
- Scheduled Savings:
When you are a homeowner, your monthly mortgage payments serve as a type of savings plan. Over time you will accumulate what lenders call "equity," an ownership interest in your house that you may be able to borrow against or convert to cash by selling the house. - Stable Housing Costs:
While rents typically increase year after year, the principal and interest portion of most mortgage payments remains unchanged for the entire repayment period. Because of the effect of inflation, you pay the same amount with ever "cheaper" dollars. - Increased Value:
Houses typically increase in value over time. It's not unusual for a house that sold fifteen years ago to be valued at much more than its selling price today. This increased value is as good as money in the bank to the homeowner.
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Helene Kelbaugh, Realtor
Keller Williams Realty
2936 Odonnell Street
Baltimore, MD 21224
410-246-6032 o 443-465-8443 m
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Combined Disclaimer: Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller StudySM. Study based on 2,994 total evaluations measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April 2012. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2012. Your experiences may vary. Visit jdpower.com
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