Jeremy discusses his home buying process and justification – Jeremy Zawodny’s blog: Justification for spending too much money on a home
Some things to note:
- The tax savings is huge at the end of the year.
- Most likely your property will increase in value faster than you could imagine.
- As your property value increases you can leverage your equity to purchase another place, take out an equity line, etc…
- Don’t forget the closing costs. You are going to put 10% down to purchase, but you need another 3% to close.
In interesting side effect with our Condo is that as interest rates have dropped and we refinanced, our mortgage is actually lower than what rent would be. So we are paying less than rent to own, our property is increasing in value, most of the mortgage is a write off. That’s a win, win, win!