Had a nice chat with my father today about the tax benefits to buying a home. Fiance and I are kicking around the idea in the lightest of manners, and I did some research. Thanks to the boredom of a seldom-worked Tuesday afternoon last week, I took it upon myself not only to look at possible down payment/mortgage scenarios, but broke out the 1040 form and Schedule A to do a mock tax return using said fictional scenarios.
Yes, I know, I’m insane. Dad and I discussed the way to itemize deducations, along with personal deducations, and there is some benefit to buying a house. But on the flip side, unless you’re going to sell the home after the value increases, the tax writeoffs are the only upside, at least in the financial sense.
But after a nearly 20-year period of moving constantly, I’m ready to find a house and stay put; to be able to raise a family there without having to move kids in the middle of their schooling. I had that happen to me, and it absolutely sucked. Even when we just moved within town limits, I hated it. Yet, as an adult, I’ve moved no less than seven times in the past 10 years… but I’m officially done with that now.
So I’d really like to find an affordable house in our town of choice and just stay put. I don’t mind putting some work into a home — that’s the only way we’ll find something in our price range. But prices are still falling, and I’ll hold out hope that when we’re ready with a down payment in another year or so, the prices will still be within our reach.
I *am* pretty darned handy for a lady, you know!
