Eight Money-Savers Every First-Time Home Buyer Should Know
Buying a home may be the biggest purchase of your life. However, the costs are minimized when you realize how home buying actually puts cash in your pocket. Here are just a few ways to save:
- Stop paying rent. Come out ahead at tax time by deducting for property taxes and mortgage interest while building equity savings.
- Buy now. Prices aren’t standing still; save now, compared to tomorrow’s higher prices.
- Choose a good neighborhood or one on the upswing.
- Buy a home that is likely to appreciate in value, and watch your "savings" increase.
- Cut back on down payment requirements with an FHA or VA loan, if you qualify. Or take out private mortgage insurance, and save on out-of-pocket costs.
- Deduct closing costs (property tax, "points," etc.) Be sure to consult your professional tax advisor before filing any claims.
- Deduct moving expenses allowed if your move is job-related, saving your tax dollars.
- Pay off the loan principal regularly or in installments over the life of your loan, thus saving thousands in interest payments.
These are just some of the ways your home purchase saves you cash. One of your best cost-saving moves – in either buying or selling – is to take advantage of our professional real estate services. We know the area, the financial establishment and the real estate market. We can help you make your best and least costly move. We’ll welcome your call or e-mail.