By The Kent Redding Group
Are you thinking about buying an Austin Home but aren’t sure if you should purchase a home now or wait until the end of the year? If so, you’re not alone. In this article we will share with you 3 big benefits that you will get if you decide to purchase an Austin Home by the end of the year.
Benefit #1 – Tax Savings
Did you know that if you close on an Austin Home by December 31st 2016 you can still deduct your mortgage interest, points on your loan, interest costs, and property taxes? These deductions can be huge and save you thousands of dollars.
Buying a home comes with a variety of tax benefits, the biggest being the ability to deduct interest paid on the mortgage
Of course, to maximize tax deductions it’s best to buy earlier in the year, but the sooner you’re paying interest on that new home, the more interest you’ll be able to deduct come next April.
One of the immediate benefits, especially if you’ll be deducting mortgage interest for the first time, is that you may be able to reduce the amount of federal income tax withheld from your income – resulting in a higher paycheck each month.
Property taxes (also known as real estate taxes) and some closing costs are also tax deductible. It’s always a good idea to consult with a tax professional to determine how these deductions could affect your bottom line.
Benefit #2 – Sellers Are Motivated
Buying a home before the end of the year is also a great idea because many sellers are motivated to sell because they also want to benefit from the tax savings that come from selling their homes before they end of the year.
Benefit #3 – Some Builders May Offer You More Incentives
Last of all, but most important, if you plan on buying a new home before the end of the year you may be able to find some builders who are eager to close their books on the year, meet their quotas, and offer you incentives or extras to purchase their homes.
Besides the obvious benefits that come from buying a home by the end of the year it’s also easier to secure the services of a moving company since many companies are often less busy during the fall/winter months than they are in the spring and summer months.
Search For Homes In Austin
To get started with searching for homes in Austin Texas contact the Kent Redding group today by calling us at (512) 306-1001 or click here to connect with us online.