UNDERSTANDING THE BOTTOM LINE
An important first step in buying a house is sitting down with a Realtor or mortgage lender to determine how much you can afford. They will add up your monthly expenses, the mortgage payment, insurance, real estate taxes, and homeowners or condo association fees. Although the grand total could throw you into shock, remember that it isn't your bottom line.
You may be pleasantly surprised when you add your tax savings to the equation.
During the early years of your loan, almost all of your mortgage payments are interest that can be deducted from your state and federal income tax. You can also deduct your real estate taxes. If you use part of your home as an office, you may qualify for additional tax savings. Renting out a ground floor apartment will help you offset your mortgage. You may find that owning your own home is less expensive than renting a house or apartment of comparable size.
Be sure to consult with your professional tax advisor!
About the Authors - Updated 2017
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Listed, Sold and Closed more than a hundred Short Sales with the highest success rate in the Phoenix Metro Area!
Tony and Suzanne Marriott