Being a homeowner is often a big financial investment, from the down payment to home maintenance and improvements. But there are ways to save when you own a home, too — particularly on your annual tax returns. Homeownership typically comes with a number of tax deductions and credits that aren’t available for renters. Are you ready to save on your tax bill? Here are some perks you should have on your radar as you file your taxes. Mortgage Interest: You probably pay a notable amount of interest on your mortgage loans each year, especially early in your home loan term. Fortunately, you should be able to write off some of what you paid in interest. You can also deduct any interest you prepaid when closing on your loan (or refinancing). Property Taxes: Depending on where you live, property taxes can be quite costly. You can deduct them from your taxable income up to $10,000 each year. Home Office Expenses: If you’re self-employed and run your business in your home, you may qualify for a deduction. This does not apply to those who work from home for an employer, and you must use your home office exclusively and regularly for your work. Eligible Home Improvements: Not all home updates allow for tax deductions, but you can claim tax breaks for some improvements that make your home more energy efficient (like a solar water heater). You could also claim improvements that qualify as medically necessary under capital expenses (like installing ramps for mobility). Are you ready to enjoy these and other benefits of homeownership? Get in touch today to begin your home search.

Spring is an excellent season for spending more time outdoors. And if your home has a sizable outdoor space, that’s even better. A patio or yard presents so much opportunity: You can play with your kids or pets, invite the neighbors over for a cookout, or simply relax and enjoy the weather as it warms. Before you do all of that, though, you should think about updating your outdoor space. Need help getting ready for spring? Here are some ideas: Install string lights. Give your deck or patio some ambience while also adding functionality. You can hang out and chat with neighbors long after the sun goes down, and string lights look great during the daytime, too. Refinish your deck. If you’ve had your wooden deck for a while, it may look pretty worn down, especially if you live somewhere with harsh weather. Refinishing it and adding a new coat of stain is a good way to give it a facelift. Add elements of an outdoor kitchen. Full-on outdoor kitchens are trendy, but they can be expensive to install. For a more affordable option, consider adding a few small elements, like a high-end grill or a small pizza oven. These are great to have if you like to entertain. Invest in some yard games. Having a bocce or ladder ball set can keep kids and adults busy in the yard. You could also build a small horseshoe throwing pit or a mini putting green for more fun options. Upgrade your seating. Outdoor furniture that’s been in the elements for a while is likely in rough shape. You could get new furniture — maybe a multifunctional sectional or an outdoor dining set. If you’d like to find a new home with more outdoor space, reach out today so we can get started.

Unless you’re buying a brand-new home, you may find that there are changes you’d like to make after you move in. Maybe there aren’t enough outlets in the home office space, or there’s a pedestal sink in the bathroom where you’d prefer cabinets for storage. Whatever the update, diving in right away might not be the right move. If you’re considering making renovations to your newly purchased house, here’s why you may want to hold off. You can take time to save up. Home renovations can be costly, and since you just spent money to buy the house, taking on a project right after move-in could cause financial strain. Take some time to plan out your updates, get quotes and budget for the updates. This will ensure you can cover the costs with a lot less stress. You may change your mind. Unless the updates you want to make will improve safety, it’s always smart to give yourself some time in the home before making changes. You might find that certain areas of the home don’t bother you as much as you expected them to — or you may identify updates that are more important to you. You deserve a break. Buying a house, moving and unpacking are big undertakings. Give yourself some time to just enjoy your new home before adding more to your plate. Then, you can plan out your projects with a clear head and less stress. Finding a home that feels like a good fit can also take time. Get in touch today for expert help with your home search.

As you likely know, the housing market has been struggling with inventory for years. Years of low production from home builders certainly play a part in this shortage, but an increase in construction isn’t the fastest way to solve the issue. Existing homeowners —many of whom are currently hesitant to sell — factor in, too. Here’s what is keeping homeowners in place (and how it impacts housing supply). Low Inventory: As mentioned above, low inventory has a roundabout effect. Because there are fewer homes to choose from, some homeowners fear entering the market and not having many options. As a result, they stay put, keeping supply low. Mortgage Rates: About 80% of current homeowners with outstanding mortgages have interest rates below 5%, so selling their home (and financing a new one) would mean trading their low rate for a higher one. Many would rather wait for rates to drop before selling their homes. Rising Home Costs: Some homeowners don’t want to enter the market simply because of home affordability. Home prices are up, as are homeowners insurance costs and, in many areas, property taxes. Aging in Place: For older homeowners, aging in place is a more appealing option than finding and getting used to an entirely new property. Many opt to renovate their existing homes for accessibility instead. Even though the housing supply is relatively low, it’s still possible to find a place you love. Are you ready to jump into the housing market? Get in touch for expert help finding your next home today.