This week, the Education Department launched the beta website for SAVE, or Saving on a Valuable Education, a new student loan repayment program that could drop monthly payments for one million borrowers to as low as $0. Want to find out if you’re eligible? Use the website calculator today. And learn more from the Sacramento Bee.
From building equity to built-in savings, there are real estate principles and benefits to help your property pay you back, even in a down market.
Dual Purpose Investment
A home is both a current need and an investment in your future. You can find something that fits your family right now, but how will it suit you ten years down the road?
Valuable Savings
Mortgage payments can deliver equity, improve your credit score, and also serve as a savings account you can leverage now or tap later.
Tax Considerations
Like other life changes, homeownership comes with tax deductions, credits, and other perks. Ask your accountant to get you started with a mortgage payment deduction.
Protection from Inflation
Rents rise with inflation, and sometimes to pay for building upgrades, but payments on a 30-year fixed mortgage remain the same for, well, 30 years!
Want to learn more about the benefits of home ownership?
If you want to reduce your energy use and bring a brighter touch to your home, invest in a skylight or move some windows to capture light at different times of day. In addition to warming up the aesthetics, these “passive solar” steps reduce the need for costly artificial lighting during the day. You can also invest in awnings, shutters, and curtains to control the light and heat in your home.
Natural light helps you see, but how can you survive without natural gas? Think about going electric with a heat pump for heating, cooling, and water heating. Replacing your gas stove with an induction version is another smart investment, and it won’t blow you up! Energy upgrades like this can get expensive, but there are government incentives to help, and the savings pay back the costs in short order.
According to the Urban-Brookings Tax Policy Center, an independent think tank, the American Rescue Act signed into law last week by President Biden will generate a 3.8% increase in 2021 income for the average American tax filer, which translates to roughly $3,060. Check The Balance for more about what this could mean for you.
