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Please call an accountant to get an exact calculation but as an estimate:
If your mortgage payment (interest & principle) is $3,000/month.
Approximately 80% of $3,000/month payment is interest = $2,400
Approximately 30% of the $2,400/month = $720 every month will be your interest deduction on your taxes which you will receive at the end of the year ($720 x 12= $8,400 for the year). Now essentially you will pay $3,000 - $720 = $2,280/month.
Also, the remaining $600/month of the original $3,000/month is paying down your principle. Essentially this $600 month you are paying yourself back as part of your loan, which allows you to build equity by paying down your mortgage by $600 every month. When you sell your condo your equity will be the appreciation minus what you paid down on your mortgage. This here is one of the main advantages of owning versus renting.
In essence, you will be paying $3,000 less $720(interest deduction) less principle reduction of $600/month =$1,680.
It will cost you $1,680 after factoring in all these factors.
If you compare this to renting: You would be paying $3,000/month or $2,000/month with none of these advantages. I think you receive some ridiculous low tax break of $300 for the year for renting.
There is no comparison between the two scenarios. Owning is the best way to build wealth.
Remember the are 3 main advantages to owning versus renting:
1. interest deductions
2. principle reductions
3. appreciation of property
If your condo appreciates to $580,000 in 5 years and you paid down your mortgage $20,000 to $480,000, the difference is your equity of $580,000-$480,000=$100,000.
You would have made $100,000 by owning and $0 by renting.
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Selling Your Home >Spotless Homes Sell
Ideally, real estate agents want the properties we market to look spotless, but even the most impeccable housekeepers find it difficult to keep the house in prime showing condition all the time.
Keeping the beds perpetually made, dishes washed, bathrooms spotless and the closets neat is a lot of work. Is it worth it? Yes, it is -- if you want to get your house sold in a reasonable amount of time for the best price.
Often when buyers see normal household clutter, what registers is "this place hasn't been maintained." They see bathtub rings and think "plumber's bills." They see lint under the refrigerator and grease on the electric range and imagine having to replace all of the appliances. It isn't particularly logical, but people often respond with their feelings when buying a house. When making their final selection, buyers may be going on emotion and adrenaline rather than reason and logic. You can help your real estate agent by minimizing the amount of imagination they will need to fall in love with your home.
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| Q |
Which famous home designed by Thomas Jefferson showed forms of Greek and Roman architecture?
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| A |
Monticello, begun in 1769, was later enlarged in keeping with its classical forms. |
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Eric Glassoff
Coldwell Banker
1375 Beacon St.
Brookline, MA 02446
Tel: 617-233-6210
Fax: 617-796-8480
Email: Eric@BostonRealEstateExperts.com
Email: eric.glassoff@nemoves.com
Email: eglassoff@comcast.net
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