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Tax Benefits of Homeownership
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Tax Benefits of Homeownership
The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works. Assume: $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
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$12,577 = Total deduction
Then, multiply your total deduction by your tax rate. For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56 $3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level. Jim Albano & Jean-Marie Vantuno Your North Jersey Real Estate Team 973-256-0303 ext 218 |
Buying Services for North Jersey Home Buyers
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value. In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. Please contact us if you have any questions about buying a home in Little Falls, Montclair, Totowa, Cedar Grove, Clifton, Woodland Park, Glen Ridge, North Caldwell, Fairfield, West Caldwell or elsewhere in North Jersey. |
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12 Reasons to Buy in this Market
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Choices, lots of Choices. In most price ranges there are thousands of single-family homes, condos and townhomes for sale in Northern New Jersey. With fewer buyers to compete with, there is plenty to choose from.
Maximum Inventory. With so much inventory on the market, it maximizes your chances of finding a great house. And great houses always sell in any market.
Location, location, location. In this buyer's market you have the opportunity to break into neighborhoods where you couldn’t afford to buy before. You’ll find affordable options closer to your work and transportation.
Upgrades. The luxuries in a home you may not have been able to afford in a thriving market may be available to you in a slower market. The wish list of upgrades you may have had to forego when home prices were soaring may be affordable in this market.
Reasonable offers can be made. Today reasonable offers below asking price will most likely not offend a reasonable seller.
Patience is tolerated. In a buyer's market you can look at several homes and without pressure think about your decision for a couple of days. The days of making a hurried offer are no more.
No bidding wars. In a slow market there is a higher probability you will not be competing in a bidding war with another competing buyer.
Concession and repair requests are welcome. In a buyer's market you can ask the seller for financial concessions like money for your closing. Or submit a request for repairs on items that come up in the home inspection.
Owning beats renting. When you buy a home with a fixed interest rate, you lock into a predictable monthly payment. Your payment should not increase for 15 or 30 years except for tax increases. Rents typically increase every lease term. A home is an investment, unlike renting where you spend money with no reward of ownership.
Home ownership builds equity. Homes go up in value in the long run. Owning a home is like having a savings account. Homes appreciate on average of 5-6% annually.
Tax benefits. Your interest and property taxes are tax deductible. This gives you a huge deduction at the end of the year.
Best Values. You never know when the market has hit rock bottom, and if you wait too long you may miss out on the best values. When the market turns around and we see upward movement in prices, you may have missed out on your chance of getting more “bang for your buck”. Don’t wait until it is too late. |
12 Reasons to Buy in this Market
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8 Signs You're Ready to Buy Your First Home
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8 Signs You’re Ready to Buy Your First Home: So how, exactly, do you know when your finances are ready? We provide a checklist of eight things first-time home buyers should have squared away before they consider a purchase -- no matter where analysts say home prices are heading.
You are ready to buy when …
No. 1: You have a budget -- and you know how to use it
No. 2: You have a sizeable down payment
No. 3: You have a reliable source of income
No. 4: You have an emergency savings fund
No. 5: You have your debts under control
No. 6: Your credit report is in good shape
No. 7: You can make a long-term commitment
No. 8: You are prepared to become your own landlord
http://realestate.msn.com/buying/article_kip.aspx?cp-documentid=858987
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