Lataliana Villas In Bali, Indonesia

Joly House by Stu/D/O Architects

Tax Benefits For Homeowners

Owning a home has its perks, but with those perks also come other costly responsibilities. But if you are dedicated to being a homeowner, there are some benefits you can enjoy as a result – and they come in the form of tax deductions.

Make sure that you are taking advantage of these 4 tax deductions for homeowners this year:

1. The Mortgage Interest Tax Deduction

No homeowner enjoys looking over their mortgage statement. It’s a reminder that most of your paycheck is tied up in paying your monthly mortgage bill. And to make things worse – as if that isn’t already bad enough – for the first couple of years, that money is only covering the interest of your mortgage. But there is some good news! If you are a single filer, you can deduct interest on up to $500,000 and if you are filing jointly, you can deduct interest on up to $1,000,000.

2. Private Mortgage Insurance (PMI) Tax Deduction

There is a way to avoid paying private mortgage insurance (or PMI), but it requires that homeowners are able to make a 20% down payment when they first purchase a home. For people who can’t pay that initial fee up-front, there are some tax deductions that are available to undo a bit of that burden. As long as your household doesn’t go over a certain amount of annual income, you can deduct your premiums on your taxes.

3. Home Improvement Loan Interest Tax Deduction

If a home improvement project is on your to-do list, now might be the time to consider going through with it. If you borrow money with the intent of making improvements to your home, you are eligible to deduct the interest you are paying towards the loan. Note: these improvements can’t be counted as repairs to your home, though.

4. Home Office Tax Deduction

If you work from home, you are encouraged to claim a home office tax deduction. This will require a bit of number-crunching on your end because you will need to calculate how much you spend annually on electricity, water, internet bills, etc. Once you have that number, you deduct it from the amount of space your office takes up, which will give you the final deduction that you can claim on your taxes.

It’s important to do your research on the various tax deductions available to you! Many homeowners don’t spend adequate time investigating, which means that they are paying out more money to the IRS than they are required to. Keep as much of your money as you can by seeing if you are eligible for any of the above tax deductions.

The colors here are very interesting. Multi layer use is neat as well.

3 Questions You Should Ask Before Buying That Home

You’ve finally made the decision to purchase either your first home or another home! This means that it’s time to start the homebuying process. You’ve either experienced this for yourself or heard it from others, but purchasing a home is both a time and financial commitment. 

The last thing any homebuyer wants to feel is that they’ve made the wrong decision. There are lists of questions that you could ask, but here are 3 questions you should ask yourself before deciding which home to purchase:

Have you explored every area of the home?

Do you know what the neighborhood is like?

Do you know the house’s past?

Learn more by reading the full article on David Taran’s website.

To Buy Or Not To Buy: That Is Every Renter’s Question

“Should I rent or buy?”

If this isn’t a question you have asked yourself yet, it’s at least a question you have heard debated many times. There is definitely useful information to obtain from both sides, but it really comes down to your specific life situation.

There is nothing wrong with wanting to buy a home, just as there is nothing wrong with choosing to rent instead. Don’t let anyone push their opinion on you just because something else makes more sense for their situation. 

Here are some things to consider when determining if you should rent or buy:

Does it make sense for your budget?

Would a home be your main investment?

What are the opportunity costs of renting vs. buying?

Learn more by reading the full post on David Taran’s website.

Networking And Why It’s Important For Real Estate Investors

Networking isn’t just for amateurs or professionals with little experience. Even seasoned real estate investors could benefit from networking with other people in the industry. Connecting with other professionals doesn’t just mean going to networking events anymore. There are other methods for getting your name out there and forming rewarding relationships with other people that share a similar passion with you.

Set aside time to attend related conferences and events.

When people think of networking, this is what they picture: a mass of business professionals listening to a lecture followed by free time to mingle with one another and talk real estate. Participating in conferences, classes, and events are not only crucial in forming contacts with valuable, like-minded individuals, they are also an opportunity for you to expand your knowledge of the industry, keeping up-to-date with the latest real estate trends and news. Stronger connections are generally formed in face-to-face interactions when you have a chance to show your personality.

Build and develop a strong online presence.

Physical interactions during networking events are important, but they aren’t the only way to build connections. Now that we live in a world run by technology, it’s imperative that you build a strong online presence as well. If you already have one, continue to develop it. This is just another place where professionals, clients, and prospective clients can get in touch with you.

Be present within your community.

At the heart of real estate investment is your community, so one of your main priorities should be becoming as personally involved within your community as possible. Consider becoming a key member of a local charity or organization. Take up space in various indoor and outdoor spaces and socialize more with active members of the community. Showing that you are invested in your neighborhood will increase a person’s trust in you, which will lend itself to increasing word-of-mouth referrals.

Become active in clubs.

Networking at conferences and events is one thing, but joining a stable, more long-term organization has its benefits as well. Consider joining some kind of real estate club. Because these individuals all share similar goals as you, it is a great way to meet people and form meaningful relationships. Many investors find mentors through these clubs and, then, eventually become mentors themselves.

Get your name out there on both a local and national level by becoming a networking pro. It is all about participating in events and building connections with other individuals both in person and online.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.