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First Time Buyers >The Real Bottom Line
An important part of buying a house is sitting down with your real estate agent or a mortgage lender to get a clear idea of how much you can afford. They will add up all of your monthly expenses, the mortgage payment, insurance, real estate taxes, homeowners or condo association fees--and the grand total can throw you into shock!
The important thing to remember is that the grand total isn't really the bottom line. When you add your tax savings to the equation, you may be pleasantly surprised. During the early years of your loan, almost all of the mortgage can be deducted from your state and federal income tax. The same is true of your real estate taxes. If you use part of your house as a home office, you may be able to qualify for additional tax savings. In some areas, homes with ground floor apartments are popular for offsetting part of the mortgage and offering even more tax savings.
When you make calculations about the monthly costs that include the tax savings, you may find that owning your own home is less expensive than renting a house or apartment of comparable size.
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What building has been named the 21st Century Townhouse project?
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| A |
4 townhouse in Bowie, MD made of giant foam/board panels, concrete/styrofoam block frames, steel, and aerated concrete. |
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Rachel O'Hearn and Leslie Benczik
RE/MAX All-Stars Realty Inc.
2281 Kingston Road, 2nd Floor
Toronto, ON. M1N 1T8
Phone: 416-597-0077
Fax: 416-342-0034
Email: Rachel@MyTorontoCondo.ca
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‡Leslie Benczik, Susan Taylor, Rachel O'Hearn, Alon Hillel, Rosemary Mauro, Tiffany Lee & Frances Kwong
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