If you thought anything like me while looking for your first place you would be too scared to even look. How can I afford this? I rather just rent! Maybe I’ll try in a couple years? These were all the ideas that came to mind when I thought about buying my first place. I wanted to touch upon one major benefit of home-ownership this evening. TAX BENEFITS!!!!

For the first three years of ownership you can write off the mortgage interest. As you know, during the first years of your mortgage it’s mostly all interest and very little principal. This means, when you visit your accountant you can expect a healthy tax return. It more than makes up for the short term gain you may get from renting.

I live in a condo in wonderful Bridgewater and I can tell you from experience that I get back around 300-400 back a month at the end of the year. That’s just from the mortgage interest! Needless to say it really helps you understand that owning a home is not out of reach. Your accountant or even your mortgage broker can really go into this much more in depth but I hope you get the idea.

Thats all from now make sure you think about what I wrote and let me know if you have any questions!

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