Buying your first home can have significant tax implications, both in terms of tax deductions and tax credits. Here are a few ways that buying your first home can affect your taxes:
Mortgage interest deduction: You may be able to deduct the interest you pay on your mortgage from your taxable income. This can significantly reduce your tax bill, particularly in the early years of your mortgage when you are paying a lot of interest. Property tax deduction: You can also deduct the property taxes...
When getting ready to buy a home, especially for the first time, there are many questions that come along with it. One of these questions usually is, “where do I start?” Because we like to make things as smooth as possible at Lewith & Freeman, here is our home buying checklist to help get you started on your journey!
1. Make sure your finances are in order It is important that you understand what your lending institution expects from you before and during the home buying process. You will have...
“Be Prepared to Move Quickly” is the best advice a serious buyer can receive in this challenging real estate market. The current market is extremely competitive because there are so many more buyers than there are sellers offering homes available for purchase. So, yes, it is important to be fully pre-approved for mortgage loan financing and securing a pre-approval letter should be the first step of the buying process. In fact, in today’s market, we find that many sellers expect submission of...
The differences between renting and owning a home are significant. If you are trying to decide whether to rent or buy a home, you must consider the many benefits and perks that come with owning your own home and recognize the negative aspects of being a renter.
Rental OptionWhen you rent a home, you face rising rates every time you renew your lease. This situation makes it hard to budget and adversely affects your ability to save for a down payment to purchase your own home. In many cases,...
Purchasing a home is not as simple as going to the store to pick out a new shirt or even clicking “add to bag” on your favorite store’s website. Your decisions are based on a much larger scale, and it’s common to question everything that is going to happen along the journey. Many questions our real estate agents get from buyers are:
- Where do I start?
- Do I have enough money?
- What is the home-buying process?
For those bookworms out there, book suggestions are a wonderful thing. Not only is a good read or even a great reference book nice to have around, but it also makes the prefect cozy home decor on a nightstand, bookshelf, or coffee table. For all our homeowners, we have put together a short list of the best books on everything home related that are great additions to your bookshelf.
How Your House Works: A Visual Guide to Understanding and Maintaining Your Home
This book is the perfect hands...
A small kitchen needn't be void of love. Even if you don't have a lot of space to work with, you can still enjoy cooking and sharing meals with your family. The key to making a tiny area more functional is by using every square inch of it optimally. If you're not sure what that would entail, don't worry. We have a few tricks up our sleeves that will help you learn to love your micro-kitchen.
The following tips help homeowners with small kitchens better utilize their space.
Tip #1: Add an ext...- 1
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