The Tax Advantages of Home Ownership
I have several clients right now shopping for homes and they are having trouble finding the home they want in the price they want to pay. Some are qualified for a particular amount, but do not want to spend that amount because the size of the payment scares them.
This is understandable and prudent. However, they are not finding a home in the range that they want to spend. A lot of first time buyers do not understand the significant tax savings they will get by buying a home. The amount of tax savings could amount to hundreds of dollars a month, maybe even 30% of the mortgage payment or more.
Each persons financial situation will be different and everyone should consult thier tax advisor before making an assumption regarding tax savings. You may need to get your withholding adjusted to help make those payments. I suspect we will have tax increases soon. With interest rates low and homes still affordable now is the time to get the Tax Hedge and secure a fixed housing payment.
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