Look, I know the last thing you want to read on April 17, 2018, is an article regarding taxes. But hear me out, I just might be able to help you get into the house you have been wanting! So, go grab a glass of Pinot Noir and order a pizza for delivery. I will wait for you to return.
Good, you’re back and you even slipped into something comfortable. I won’t tell! Did you know the average American is going to receive approximately a $2,800 refund in taxes this year? In Arizona the average tax refund is approximately $2,640. That amount of money may be the catalyst you have been waiting for that ultimately puts you in your new home!
Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. However, you don’t need 20% down to buy a house. Various programs like the Federal Housing Authority, Freddie Mac, and Fannie Mae, all allow down payments as low as 3%. For all the veterans out there, Veterans Affairs Loans allow many veterans to purchase a home with 0% down.
If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment? In Arizona, 37% of the average down payment can be covered by the average tax refund. Plus you will earn a tax deduction on the interest of your mortgage for next year’s filing. It’s the ultimate gift that keeps on giving! See, aren’t you glad you read this?
Instead of using that big tax refund for buying the latest and greatest TV from Best Buy that depreciates in value, use it toward an appreciating asset like real estate.
Sales prices are already up 15% compared to this time last year. So use your tax refund to help you improve your return on your investment. And go ahead and pour that second glass of wine. You’ve earned it!
If you have any questions or comments, please feel free to email me at dnolle@nolleproperties.com.
Nolle Properties 