Educating first time homebuyers on tax savings

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Real Estate Agent with Coldwell Banker Residential Brokerage Cal Bre#01179220

It is sometime difficult to get through to homebuyers the benefits of being able to lower their taxable income by writing off their interest expense and property taxes when owning a home. I try to stress this every time I meet with them. It is normal for a buyer to compare their current rental payment to the projected PITI mortgage payment on a home they love. Often when I speak of the tax savings I get the impression that buyers are viewing this as funny money. Getting your buyers to understand how thisĀ  works may mean the difference between getting a home they love and accepting something less. Most renters if they are lucky get tax refunds. They need to understand that with the advice of a tax pro, they can adjust the deductions they claim on their w-4 form at work and receive more take home pay. This can narrow the difference between their current rent and what the payment would be on a home they really love.

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