Buying a Home for the Tax Savings Doesn’t Always Make Sense

If you’re considering buying a home just so you can take the mortgage payment deduction and enjoy the tax savings, make sure you take the costs of homeownership into account.

Buying a home doesn’t always make financial sense (or “cents”). But the allure of reaping a tax deduction from your monthly mortgage payments - not to mention building equity instead of lining a landlord’s pockets - can be hard to resist. Just make sure that when you decide to buy a home, you budget in all the expenses of homeownership. The money you save on your income taxes may not look like such a great deal once you consider the costs of maintaining your property, not to mention property taxes. Check out this Real Estate Minute for an easy trick that will help you decide whether the income tax savings you’d get from buying a home outweigh the costs of homeownership.

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