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Ali's Monthly Tip- July 2018

July 26, 2018

Purchasing a property is expensive. Yes, yes it is (especially in Santa Barbara). However, it's a great way to build long term wealth, and many times, just comparing monthly payments doesn't give you the whole picture. Did you know that approximately one third of what you pay in property taxes, mortgage interest and insurance (PITI) you get back when doing your taxes?  It's because property taxes and mortgage interest are generally tax deductible.  Although, beginning with the 2017 tax year, the total amount of state and local income taxes (which includes property taxes), is limited to $10,000 a year, this still makes a big impact for prospective home buyers looking below the $1,000,000 range.  Rents also continue to go up in conjunction with rising home prices.  A small tidbit of advice? If you are contemplating a home purchase in the future, it would be a good idea to talk to a lender about your options and your long term goals.  Interest rates are still historically low, and that greatly impacts your ability to purchase as well.  If you have a killer deal on rent, now may not be the time. But, if for some reason you had to relocate, what would your market rent be? And how does that compare to a mortgage? Part of purchasing a home is the ability to control your housing costs long term. 

 

 

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ALI EVANS |   Realtor & Broker Associate

Berkshire Hathaway HomeServices, 3868 State St., Santa Barbara, CA 93105

805.980.8007   www.alievansrealty.com  DRE# 01846603   ali@alievansrealty.com

Office DRE# 01317731

©2019 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH A liates LLC. BHH A liates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be veri ed by broker or MLS. Buyer is advised to independently verify the accuracy of that information.