Put Your Tax Return Towards a Central Ohio Home

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Did you know you could buy a home for as little as 3.5% down? If you’re receiving a tax return, consider putting your refund into a down payment for a house. Here’s why.

1. Build your own wealth. Right now, you’re paying rent that goes right into your landlord’s pocket. Why not put that money towards your own mortgage?
2. Owning is a form of forced savings. Each month, when you make a payment for your mortgage, you are building equity.
3. There are substantial tax benefits for owning. You can deduct mortgage interest and property taxes yearly on your tax return.
4. Property is a smart investment. Real estate is predicted to outpace the stock market and other investments in 2016, making it a safer place to build wealth.

Keep in mind that when we talk about real estate appreciation, that’s based on the total value of the property. That means you get appreciation on the $200,000 house, not just on the $10,000 down payment. You can’t do that with any other investment.

Ultimately, homeownership makes sense and it makes a long term impact on wealth. If you have any questions, give us a call or send us an email. We would be happy to help you!