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Understanding the Bottom Line

An important part of buying a house is sitting down with your Realtor or a mortgage lender to get a clear idea of how much you can afford. They will add up all of your monthly expenses, the mortgage payment, insurance, real estate taxes, homeowners or condo association fees--and the grand total can throw you into shock.
The important thing to remember is that the grand total isn't really the bottom line. When you add your tax savings to the equation, you may be pleasantly surprised. During the early years of your loan, almost all of the mortgage can be deducted from your state and federal income tax. The same is true of your real estate taxes. If you use part of your house as a home office, you may be able to qualify for additional tax savings. In some areas, homes with ground floor apartments are popular for offsetting part of the mortgage and offering even more tax savings. When you make calculations about your monthly costs that include the tax savings, you may find that owning your own home is less expensive than renting a house or apartment of comparable size.

This Las Vegas Real Estate tip provided by your Las Vegas, Nevada Real Estate Agent - Kent Ottmann.  To visit my site for more on Southern Nevada, Summerlin, Green Valley, Henderson, and Las Vegas Real Estate - Click Here Kent Ottmann is here for all your Las Vegas Real Estate Needs.