Top 7 Ways to Make Your Home Purchase Pay for Itself

Hello Hampton Roads,

Purchasing a home is arguably the biggest financial decision a person makes in his or her life, so naturally a lot of planning and saving goes into this decision.  While saving money to prepare for this purchase is important, why not also consider ways to make the home purchase pay for itself? 

Here are  the Top 7 Ways to Make Your Home Purchase Pay for Itself

  1. Get down payment assistance or a home buyer's grant! 70% of home buyers don't know that these programs exist and you could be walking away from free money.
  2. Consider purchasing a duplex or multi-family home and living in one of the units. You can use a low downpayment FHA loan to purchase up to a 4 unit multi-family as long as you live in one of the units.
  3. If you qualify, consider taking advantage of the Mortgage Credit Certificate (MCC) and save on your federal income taxes for every year you own the home
  4. Got a spare room or mother in law suite? Consiider a roommate for a long term rental to help pay for your mortgage, or  for short term rentals, turn your spare room into cash with an Airbnb rental.
  5. Got extra room in your garage? Rent out storage space!
  6. Consider using renewable energy sources and net metering through Dominion.  What you don't use goes back to the grid and you are given credit for excess energy.
  7. If you have a business and a dedicated office space if your home, you may be able to claim the home office deduction and deduct a portion of your mortgage, home owner's insurance, association fees, utilities, maintenance and repairs.  Your accountant will be better able to let you know all the deductions you can take.

I hope this way helpful and if you know of other ways, feel free to comment below and share!

Thanks for Reading,

View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn _________________________

Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+


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