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Sonya McVeay | EXIT REALTY ELITE Blog

Monday, March 28, 2016   /   by Sonya McVeay

TAX BREAKS FOR HOMEOWNERS

Don’t forget about homeowner tax breaks

One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!
Mortgage Interest Deduction: Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!
Home Office: There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax re. ...

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Wednesday, March 23, 2016   /   by Sonya McVeay

Rent vs Buy Report

According to Trulia’s last Rent vs. Buy report, buying remains cheaper than renting nationally. Indeed, for Millennials, buying is an average of 23% cheaper than renting. And buying continues to be cheaper in 98 of the 100 largest U.S. metro areas, according to Trulia.


But that’s not the perception, according to Freddie’s study. And even renters who said they planned to buy in the next three years said they faced significant hurdles, most notably affording a down payment, credit history, insufficient income and carrying too much debt.
  ...

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Wednesday, March 16, 2016   /   by Sonya McVeay

CAN BUYING A HOME BE AN AVENUE TO PRODUCING WEALTH?

Study Again Finds Homeownership to be a Better Way of Producing Wealth
Is it better to rent or buy a home in today’s housing market?
Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index is a quarterly report that attemps to answer that question, here's what their latest finds say,
The index examines the entire US housing market and then isolates 23 major markets for comparison. The researchers use a “'horse race' comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.”
Ken Johnson Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors states:

“The nation as a whole is in buy territory. Continued near record low mortgage rates, unsteady stock market performance, and rents (on average) now out pacing the cost of ownership (maintenance, taxes, insurance, etc.) all com. ...

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Friday, March 11, 2016   /   by Sonya McVeay

Five Tips for First Time Homebuyers

Headline: Five tips for first-time buyers
No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.
 1. Save as early as you can: Even if you think you’re years away from buying your first home, try to start saving for your down payment. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance.
 2. Be thorough with mortgage shopping: There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run.
 3. Consult a skeptic: You’re likely to fall in love with a home, and that can make it difficult to take problems seriously. Bring along a skeptical friend or family member who can give you an honesm ...

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