Tax Breaks Every Homeowner Should Consider
While there are many benefits to being a homeowner, one in particular is the unique type of tax breaks made available to today's modern homeowner. For example, because interest payments make up such a large portion of the mortgage payment, mortgage loan interest can be a substantial and important tax write-off. However, it should be noted that interest payments are typically larger in the earlier years of a loan. It is important to consider that even home equity loan interest is deductible. Home Improvement Loan Interest In addition, the interest on a home improvement loan can also be an excellent write-off for those wishing to maximize the benefits of being a homeowner, especially in terms of paying taxes. This type of interest deduction is usually calculated differently than the interest on a primary mortgage. Talk with your tax professional to know for sure how home improvement loan interest can be worked into your annual tax filing planning. For example, capital improvements as compared to routine repairs can be calculated differently. Capital Gains Exclusion One of the more obvious types of tax breaks that homeowners can enjoy is writing off property taxes. In most cases property taxes are fully deductible and can have a big impact on your overall tax bill. Another key consideration for homeowners is that of the capital gains exclusion. In most instances, homeowners who sell their property after holding it for at least two years can enjoy tax-free profits. Most notably, this type of tax break can be employed multiple times over the course of years as long as one qualifies. Deduct A Portion Of Those Costs From Taxes Those who work from home can take full advantage of home office deductions when filing taxes. Anyone who has a home office that they are using exclusively to operate a business can deduct a portion of those costs from taxes. Working with your accountant, CPA or other tax professional is the best way to maximize this type of tax credit. Even utility costs, insurance and other related expenses can be written off by those who work from home or operate a home-based business. Equally useful is something known as the energy tax credit. Homeowners who upgrade to more energy-efficient appliances or materials can save substantially on annual taxes. Talk with your tax expert as a way to gain the greatest energy tax credit advantages. Storing Personal Household Items Finally, those who are moving or selling their home can enjoy certain tax breaks that should not be overlooked. When moving for a job, moving costs are typically partially deductible. Even the expenses associated with storing personal household items or travel and transportation can be included in most situations. When it comes time to sell a home in Anacortes, any taxable capital gains can be reduced by selling costs such as real estate commissions, title insurance or even home inspection fees. Contact Nicole Haun now by visiting Realestateinanacortes.com today to learn more. Nicole has MLS listings in Anacortes that make finding a home easy. Read Our Latest Press Release Hash Tag #RealEstateInAnacortes Follow Nicole on Twitter @HomesAnacortes
What To Expect In The Upcoming 2016 Fall Housing Market
As with all other aspects of the economy, the real estate market locally as well as nationally is in a constant state of flux. Here are a couple key considerations to take into account with regard to the local Anacortes real estate market as well as the national real estate market as a whole. Perhaps most notable of all is the fact that today's current mortgage rates are considered some of the lowest that have ever been seen in history. This in itself is a good reason to consider making a home purchase sooner rather than later. Lower Monthly Mortgage Payments Prospective homebuyers should always remember that low interest rates translate into much lower monthly mortgage payments. Considering the fact that a mortgage will be paid over a period of many years, lowering the monthly payment can have a substantial impact on overall disposable income. In short, by lenders providing lower interest rates on home mortgages it helps to boost affordability. Those who thought they could not afford a home in a certain price range may find that now those homes are indeed affordable. Most Dominant Trend It is also important to note that inventories in the upcoming 2016 fall season are lower than anticipated. This simply means that there are fewer homes on the market for sale as compared to the existing demand for affordable housing. These two factors are perhaps the most dominant trends as the 2016 fall season approaches. Prospective homebuyers may wish to consider working with an experienced, dedicated and knowledgeable Anacortes real estate agent as a way to maximize their opportunities in this current realty market going forward. Home Of Your Dreams Because the supply of homes may not catch up with the demand exerted by prospective homebuyers in the fall, buyers may wish to consider expanding their search area. As an added note, new construction starts have recently dropped further limiting overall housing supplies nationwide. Fortunately, the Anacortes real estate inventory is unique, diverse and ever changing. This simply means that those wishing to live in this beautiful part of the country will likely find the home of their dreams by simply working with an Anacortes realtor who is thoroughly familiar with this dynamic residential property market. Contact Nicole Haun with Realestateinanacortes.com today to explore all possible buying options in this delightful part of Washington State. Here is our most recent Press Release Hash Tag #RealEstateInAnacortes Follow Nicole on Twitter @HomesAnacortes
House Hunting Tips Every Prospective Homebuyer Should Consider
Buying a new home can be one of the most exciting events in an individual’s life. That said searching for the perfect home requires understanding a few simple and basic tips for getting the most out of your house hunting efforts. This is especially true when visiting and touring multiple properties on multiple days. Staying organized, focused and disciplined will help to ensure that a smart and financially beneficial purchase is made. Writing Down Priorities Perhaps one of the first and most important aspects of hunting for a home is to simply set priorities. Sitting down with your spouse and writing down details regarding what is desired in your future home can go a long way in having a far more successful outcome. Invite all members of the household to provide input when writing down priorities. When shopping for a home always keep your list of priorities close at hand so that you stay on track. Equally important is to have some type of charted comparison of each home that you visit. Natural Lighting Visiting and touring multiple houses can get very confusing and that is why it is best to have some type of chartered comparison chart listed in an organized and detailed way. Take notes as well as photographs and even videos of the homes that you tour so that you can review the information at a later time. Notes can be taken on everything from landscaping to the condition of the interior of the home as well as the exterior. The level of natural lighting, overall storage space and unique features should also be noted. It may also be a good idea to take notes about the neighborhood where each home is located. Type Of Flooring When walking through a home for the first time try to get a general feel for the overall property condition and appeal. Once this is done, take a second walk through the entire home and begin taking notes. Make a list of your favorite features of each home as well as any disadvantages that are apparent or obvious. Consider the size of each room and determine whether or not your existing furniture will be a comfortable fit for the space. Paint color, the type of flooring and the type of appliances inherent in the home should also be taken into account. Closets And Cupboards Finally, it is always a good idea to go through all the closets and cupboards within the home prior to making a final decision. Today, more than ever before people require ample amounts of useful and functional storage. Make a note of how many closets and cupboards are found throughout the Anacortes homes you visit. Even something as simple as lifting up area rugs to check on the integrity of flooring is well worth considering. As an added note, drive by each home at different times of the day to get a feel for the neighborhood and various levels of daytime and nighttime lighting. Contact Nicole Haun by visiting Realestateinanacortes.com for a copy of Anacortes MLS home listings. Read our most recent Press Release Hash Tag #RealEstateInAnacortes Follow Nicole on Twitter @HomesAnacortes
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