January 10th, 2018
Whether you are a committed renter or are undecided about purchasing a home, you might want to think about the many tax breaks you could take advantage of if you were to own a home. Renters have practically no tax benefits, apart from deducting home office space or property tax payments which might be included in their lease agreement.
However, The U.S. Government offers a financial motivation for anybody to own a home by giving the following tax breaks.
The above mentined tax advantages present you with a considerable motivation to purchase a home rather than rent, however your ultimate decision really should be determined by what's best for you financially. Factors that play into this range from the expense of your rent versus the expense of your potential home, the length of time you intend to reside there, and how low or high mortgage rates are when you purchase.
Should you require assistance evaluating these factors, use Jet Direct's Rent vs Buy Calculator. Just enter your own numbers to find out whether buying or renting is more affordable for you.
In the event that purchasing a home seems sensible in your case financially, contact me today to find out more regarding the home buying process. I'll be here to assist you through each step and to answer any questions you may have.
Chief Operating Officer
Office: 631-574-1306 x-622
Jet Direct Mortgage is not a tax expert or financial advisor. It is important to consult a tax professional and/or a financial advisor regarding the deductibility of interest and charges and to devise a strategy that works best for your situation.