Except for accountants, Tax Day probably isn’t anyone’s favorite day of the year. The whole event comes with some level of stress, even for those filers expecting a big return this year.
The National Association of Realtors® is reminding homeowners that they have a big tax advantage. According to NAR, homeowners saved an average of $2,173 in 2014 thanks to the mortgage interest deduction. Across the country, homeowners also deducted $178 billion in state and local real estate taxes.
Along with the current tax advantages, there are many, many advantages offered by homeownership. As discussed before, one of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage. When surveying Millennial buyers, 93% said the top reason they choose to buy is to have control over their living space (paint the walls whatever color you feel like painting them!) Other major reasons for buying versus renting include having flexibility in future decisions (build equity to borrow against in the future, if you choose), having a greater sense of privacy and security, and feeling more engaged in your community. The benefits of homeownership go far beyond tax advantages, although they give at least one thing good about this day.
If you’re ready to start on the path to home ownership give me a call – J.P. Cook – 602-320-4253.