Own a Home Pay Less Taxes

It's that time of year again, and most of us are diligently trying to come up with as many legal deductions as we can so that we owe less to Uncle Sam and can keep more in our own pockets.

The mortgage Interest deduction continues to be the "number one" largest deduction that a homeowner can enjoy and is happily reminded of at this time of year. Still in place, this deduction can be applied against thousands of dollars of income and you get to enjoy the benefit of owning your own home instead of forking over the money to Uncle Sam each year.

If you are still renting, you are paying your landlord's mortgage so why not consider putting this opportunity to work for you instead. This is often easier than you think and yes, the banks are making loans, contrary to what you may have heard!

Amazingly, some are waiting for property prices to fall even further and are so focused on getting the lowest price, that they are missing out on a great opportunity now. Today is the best day to buy, not tomorrow or next year. Home prices have not been this low for over 10 years! Interest rates are unbelievably low. This period is called OPPORTUNITY and is a period that is allowing many to enter the door of homeownership that were shut out before because prices were so far out of their reach. Haven't we always been taught that when opportunity knocks, open the door?

Don't be fooled into thinking that this current housing situation will last forever. If you look at the historical graphs of the increases and decreases of home values, you will see that we are right on course. A lot of what we hear on the news, including the internet, is either incomplete or inaccurate.

Owning your own home is still the American dream and over 80% of Americans still feel that way. My advice to you is to never give up on your dreams and find out today if you are in a position to buy a home. If you aren't quite ready now, a good Realtor or mortgage lender can evaluate your current situation and put you on track to possibly buy a home by this time next year!

Talk to your tax advisor and ask them how homeownership will save you money. Since I am not a tax professional, I cannot give you tax advice, but as a Realtor for over 30 years and a homeowner myself, I can confidently assure you that this is something that you should get proactive on right now!

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!