Save Thousands in Interest – Invest in a Home!
Great Blog, Great information for Realtors, buyers and sellers. Thanks for sharing this detailed information about how real estate should be handled. The Marcus Rice Team with RE/MAX Allegiance in Richmond Va agree with this blog.
TAX SAVINGS INFORMATION:
How does a person save taxes when buying a home? Our government wants us to own homes and encourages us to do so through tax incentives. They allow home mortgage interest and property tax deductions on your income tax each year. With a 30 year loan, most of your payment is applied toward interest in the early years, so in effect, most people get “back” from the government roughly 1/3 of their payment and property taxes if they are in the 28% tax bracket.
Let’s compare “Renting versus Owning” (See my blog on the amount of money each month you put in your landlords pocket each year and over a 20 year period)
Why do I bring this up again-and-again? Because, the market is showing signs of rebounding and right now is the time to invest and stop renting. In addition, there is a Secret List of Pre-foreclosures, Foreclosures, and Bank Owned/Seized Properties that is not public!
Please don’t keep me a secret.
Cheers,
Bob Liston
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