Easy, Fast, Pain-Free Ways To Save Up for a House

Buying a house typically requires some serious savings. After all, with the median home price hovering at $375,000, a 20% down payment amounts to $75,000. Yes, you can put down less. (The national average is 12%, although some loans allow as little as 3%.) However, in today’s competitive market, more cash upfront can give you an edge and help make your offer stand out.

It’s no surprise that among younger homebuyers, 30% say that pulling together the down payment is the most challenging step in buying a home, according to the National Association of Realtors®.

Yet as daunting as it may be to amass this pile of cash, there are plenty of tactics that can help you get there faster—and with fewer sacrifices than you might think.

Some of the advice that follows is tried and true, while other tips are fairly new, in the form of nifty apps that’ll line your pockets with extra cash with little effort. See which ones fit, so you’re armed and ready once you get out there to make an offer.

How To Calculate Property Tax

Need to know how to estimate property taxes? You’ve come to the right place! Most people know that homeownership requires coughing up copious amounts of money. There’s your mortgage, of course, but the costs hardly end there. You will also have to pay property tax.

If you already own a home, you can look at how your tax is calculated on the most current property tax statement. If you’re considering buying a home, look on the real estate listing for assessment and tax information, or go to the county website to find out the annual property tax.

Be aware that property taxes can change. The assessed value of your house can go up or down, depending on the local real estate market. Your assessment can also rise or fall depending on changes you make to your house—for example, if you make additions to your property. And the tax rate can change depending on your local government.

Even though the government sends you a tax bill every year and tells you how much you owe in property taxes, it’s important to know how that tax is calculated.

Read more HERE.

Tax Benefits of Owning a Home

What are the tax benefits of owning a home? Plenty of homeowners are asking themselves this right around now as they prepare to file their taxes.

You may recall the Tax Cuts and Jobs Act—the most substantial overhaul to the U.S. tax code in more than 30 years—went into effect on Jan. 1, 2018. The result was likely a big change to your taxes, especially the tax perks of homeownership. This revised tax code is still in effect today.

You might be wondering what else besides a change in the standard filing dates you need to beware of before filing your 2021 taxes, like whether your work-from-home setup might qualify for a tax deduction.

Read on to ensure you aren’t missing anything that could save you money!

Capital Gains Tax on Real Estate

Capital gains tax is the income tax you pay on gains from selling capital assets—including real estate. So if you have sold or are selling a house, what does this mean for you?

If you sell your home for more than what you paid for it, that’s good news. The downside, however, is that you probably have a capital gain. And you may have to pay taxes on your capital gain in the form of capital gains tax.

Just as you pay income tax and sales tax, gains from your home sale are subject to taxation.

Complicating matters is the Tax Cuts and Jobs Act, which took effect in 2018 and changed the rules somewhat. Here’s what you need to know about all things capital gains.

How To Calculate Property Tax

Most people know that homeownership requires coughing up copious amounts of money. There’s your mortgage, of course, but the costs hardly end there. You will also have to pay property tax.

If you already own a home, you can look at how your tax is calculated on the most current property tax statement. If you’re considering buying a home, look on the real estate listing for assessment and tax information, or go to the county website to find out the annual property tax.

Be aware that property taxes can change. The assessed value of your house can go up or down, depending on the local real estate market. Your assessment can also rise or fall depending on changes you make to your house—for example, if you make additions to your property. And the tax rate can change depending on your local government.

Read more HERE.

Nasty Surprises You May Face Owning a Home in Winter

When you buy a home, there is usually a flurry of things you look forward to experiencing in winter. Watching that first snowfall through the living room window. Snuggling up by the crackling fireplace. Building a snowman or watching your kids make snow angels in the yard.

All of that creates wonderful memories. But some of the things that you discover during your first winter of homeownership can bring you crashing back to reality.

Read more HERE.

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