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.

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.

Moving to a new home is never really easy, but it can be particularly challenging when you’re doing a long-distance move. Over 8 million people moved out of state in 2022 alone, according to the U.S. Census Bureau — and that means you can do it, too. Are you considering moving to a new state (or even region) this year? Here are some ways to make the process easier. Declutter and donate unused belongings. There’s no point in moving items you no longer use or need, so take this time to pare down your belongings and donate or sell what you can. As an added bonus, this could also reduce your moving costs. Inventory your home. Take stock of the items you’ll be moving, including clothes, furniture, dishes and more. You’ll need this information to purchase the appropriate packing supplies and get accurate moving quotes. Make a detailed timeline. Work backward from moving day, and create a calendar of milestones that will ensure you’re ready by then. You can set deadlines for securing movers, packing up each room and more. Prioritize new home items. While packing up your items in your current home is a big part of the process, you also need to ensure your new home is ready when you get there. That means you’ll need to get utilities and internet set up, enroll your kids in school and have a clear idea of what items will need to be placed in each room by your movers. Planning a move in the near future? Don’t hesitate to reach out if you need help buying or selling a home.

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.

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.

Paying off your mortgage early could save you money on interest paid over the life of the loan. It can also free up money to put toward other goals, like saving for retirement. Despite these perks, though, prepaying a mortgage isn’t right for everyone, and there may be some downsides to this strategy. Are you thinking of paying off your mortgage early? Check out some pros and cons to consider before you do. Pros: You’ll pay significantly less interest. You could potentially save thousands of dollars by minimizing the interest you pay during the loan term. You’ll get rid of monthly mortgage payments. Not having a large monthly payment could lighten the financial pressure on your household. You’ll free up funds for other goals. You may be able to put more toward retirement, your kids’ college accounts, your emergency fund or even your next vacation. Cons: There may be prepayment penalties. Be sure to read the fine print to see if your lender charges fees for paying your mortgage off early. You’ll lose the mortgage interest tax deduction. Keep in mind that you only get this write-off if you itemize your returns, but it only lasts as long as you’re paying your mortgage (and the interest that comes with it). Investing may net you more profit. The stock market typically offers returns of about 10% annually. Mortgage rates are lower than that currently, so you may be able to make more from investing than you’d save by prepaying. If you’re interested in putting your extra money toward the down payment on a second home or investment property instead, please get in touch.