If Atlanta real estate is on your holiday shopping list, you’ve probably weighed the pros and cons several times. According to real estate expert Ilyce Glink, buying a home has several perks many buyers don’t realize. Her article, “Hidden Benefits of Buying a Home,” offers some compelling reasons to ramp up your home search.
For one thing, buying Atlanta real estate allows you to take advantage of some favorable tax deductions. First-time homebuyers filing personal income taxes after purchasing a home as the primary residence will be able to deduct a large portion of mortgage payments. This is because initial mortgage payments include little principle and a lot of tax-deductible interest. You can also deduct property taxes from your federal income taxes.
Depending on where you purchase a home, you may be eligible for more tax breaks. Buying a historical property could give you access to federal and state tax credits. In fact, 30 states offer state rehabilitation tax credits. If you do purchase a historical property, keep in mind that these homes generally require more maintenance work and that many of the tax credits require you to comply with certain building standards.
Buying a home in a community targeted by state or federal governments for redevelopment also comes with benefits for homeowners. Lenders in these neighborhoods are often given incentives by government agencies, which allows them to offer lower interest rates or closing cost bonuses to buyers. Talk with your real estate agent for communities that qualify for these special offers.
Glink’s article also explores other benefits and provides several resources for homebuyers. To read her full article, visit the Equifax Finance Blog.
Do you have any benefits to share about homeownership? Let us know in the comments!