That's a lot of money to put in someone else's pocket. Now, instead of helping your landlord retire, consider investing in your future, begin earning equity on your own home and start getting tax deductions?
When you are a homeowner, you can deduct the interest portion of your monthly mortgage payment and property taxes, which often equates into tax savings.
It's important to look at what your net after taxes monthly mortgage payment will be after you calculate your mortgage interest deductions. Many of our clients have found that their mortgage payment ended up being about the same as what they were paying for rent.
To find out exactly what your tax savings would be, we recommend that you speak to a reputable accountant.
If you'd like to begin the buying process, please contact us!.