5 Potential Tax Deductions for Homeowners

One of the many reasons to become a homeowner is because of the financial advantages it can provide. When you own your own property, it allows you to establish a permanent place of residence which provides the opportunity to build equity – the value of a homeowner’s interest in their home, or in other words, the part of your home you actually own –and it also allows you to lock in your monthly costs for as long as you live there.

Being a homeowner can especially be to your financial benefit during tax season – there are many opportunities for potential tax breaks for those who own their own home. As tax-filing season comes to a close, and as you prepare your taxes for the year, here are five possible tax breaks that homeownership can potentially provide for you. (Make sure to consult your tax professional regarding any questions on deductions, eligibility, and any potential tax breaks that may be available to you!)

1) Mortgage Interest: One incentive of owning a home is to reduce your taxable income by deducting the interest that you pay on your mortgage. If you purchased your home after December 15th, 2017, you can deduct interest paid up to $750,000 if you file jointly, and $375,000 if you’re filing singly. Points paid on your mortgage may also be able to be deducted from your taxes.

2) Private Mortgage Insurance: If you didn’t put a 20% down payment on your home, you’re likely paying Private Mortgage Insurance (PMI) until you reach a 20% investment in your home. If you took out a loan in 2007 or later, you may be able to deduct your PMI payments on your taxes.

3) Property Taxes: As a homeowner, you can deduct property taxes you are paying for your home.  

4) Medically Necessary Improvements: If you are making home improvements due to a medical need for yourself or a member of your family, such as installing medical equipment, widening doorways, adding a ramp, or railings and support bars, you may be able to deduct the cost of those improvements and the maintenance on your taxes. Appropriate documentation will be needed to prove the additions are due to a medical necessity.

5) Home Office: Are you one of the many people who have made the transition to working from home in the last couple of years? You may be able to deduct home office expenses if your office is a dedicated workspace used exclusively for your business.

To find out more about what potential tax breaks you could qualify for as a homeowner, and for more information on the above, reach out to your tax professional. If you’re ready to pursue homeownership and all the potential benefits, financially and otherwise, contact one of our real estate sales professionals today!


The r – House Radio Show: James Fink

On this week’s episode of The r – House Radio Show, your host Peter Hunt chats with James Fink, a Business First reporter at Buffalo Business First. In this episode, they talk about Buffalo’s growing yet also recovering economy from the pandemic, and how real estate is fueling that growth/recovery! Make sure to take a listen and hear what else they talk about in this episode!


Beyond The Yard Sign: 50 Years at HUNT

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On this episode of Beyond the Yard Sign, Sarah chats with Toni Young and Mark Brylinski both are Licensed Real Estate Salespersons with HUNT Real Estate and are also mother and son! Sarah, Toni, and Mark chat about their time here at HUNT. More specifically, Toni chats about her 50 Years in the real estate industry! Listen to the full episode and hear about the great surprise Sarah gives Toni! 


The r – House Radio Show: Dr. Myron Glick

This week on The r – House Radio Show, Peter chats with Dr. Myron Glick, the CEO of Jericho Road Community Health Center! During this episode, Peter and Dr. Glick talk about how Jericho Road Community Health Center came to be and what services they provide as they are celebrating their 25th anniversary! 


The r – House Radio Show: Eric Reich

This week Peter talks with the co-founder of Campus Labs Eric Reich. During this episode, Peter and Eric chat about Eric’s past and how his past got him to where he is today. They also chat about how Campus Labs came to be and what it is all about!


The r – House Radio Show: Bill Maggio

In this episode, Peter chats with Bill Maggio, a Managing Partner at Lorraine Capital and Chairman of 43 North! In this episode, Peter and Bill talk about how Buffalo is the right city for startups, but also for large corporations as well. To hear their full conversation listen to the full episode!


Who’s Moved to HUNT Real Estate ERA

We are pleased to welcome the following sales professionals to the HUNT Real Estate ERA family. Their association further affirms our commitment to offering the highest level of service to our clients.

Buffalo/Niagara

Rochester

Arizona

WHY SHOULD YOU JOIN HUNT?
HERE ARE JUST A FEW REASONS…

The HUNT® Reputation
Rankings & Accolades

  • #1 Family-Owned and Operated Real Estate Firm in New York State
  • Top-Ranked Broker in the ERA Real Estate network 
  • Ranked #43 on REAL Trends Top 500 Brokerages Survey* 
  • Gene Francis Memorial Award Winner Honoring ERA’s Top All-Around Company 
  • Member of Who’s Who in Luxury Real Estate 
  • Ranked one of Western New York’s Fastest-Growing Companies

The Most Productive Agents 

  • 1600 Licensed Real Estate Professionals in 50+ Branches
  • 13,000+ Transactions
  • $3.3 Billion in Closed Sales
  • Per Person Productivity of Nearly 9 Transactions

If you’re ready to take advantage of everything we have to offer AND make more money, join HUNT Real Estate ERA today!

*Source: 2021 REAL Trends 500 | Ranked by Closed Transaction Sides


HUNT Real Estate Corp. Appoints Director of Growth Strategies

HUNT Real Estate announces the promotion of Sarah Klaiber to the position of Director of Growth Strategies. Klaiber began her career with HUNT in 1994 as a licensed sales professional and has since established an accomplished reputation in the industry. In 2005, she earned the designation of Graduate, Realtor Institute and advanced into a leadership role. She brings a passion for business development and is responsible for bringing over 1,000 new licensees to HUNT.

In her role as Director of Growth Strategies, Klaiber will continue her responsibilities for recruitment and also work with HUNT’s executive leadership team to enhance the company’s culture and vision.

“Since 1994, when Sarah joined our firm, she has progressed from sales professional to branch leadership to director of recruitment and now to leading our growth strategies, particularly focused on talent attraction for the new and developing sales professionals,” said Peter Hunt, Chairman and CEO of HUNT. “Sarah’s passion for the industry and our company is contagious, which is a big part, along with her obvious talents and skills, of the reason we have out-recruited all competitors for more than 10 years, continuing to this day. We are delighted that Sarah has taken on the additional career opportunities which will mean so much to our entire organization.”

Klaiber commented, “I am honored and excited to continue to build the future of what I call a second family.”


5 Tips to Get Ready for the Spring Market

Are you thinking about selling your home in the next few months? You’re not alone, as one of the most popular times for homeowners to sell is during the spring market. With the longer hours of daylight for opens, more opportunity to show your home’s landscaping and curb appeal in its best light for buyers, and the potential for buyers to use their income tax returns in the spring towards a new home, the spring season is one of the most ideal times to list your home. 

When it comes to preparing for the spring real estate market, there’s no such thing as getting ready too soon – make sure you set yourself up for success by making preparations now to ensure your home stands out in this sellers market. If you’re not sure where to start, here are 5 tips to help you get ready to list in the spring. 

1) Home repairs.  From new light fixtures to leaky faucets, winter is an ideal time to take care of home repairs and make upgrades that will attract future buyers. For home repair needs, make sure you check out the HUNT Homeowners Club for a list of HUNT-approved vendors that can help you make your home look and function at its best!

2) Pack away clutter. It’s never too early to start the decluttering process and get your home organized. Buyers want to imagine themselves in your home, so reducing clutter helps to set the stage. Begin by clearing items on your shelves and refrigerator, and sorting through boxes and items in your garage, basement, or attic to decide whether you are going to keep, donate, or sell them. Clearing out clutter can also help make your storage rooms appear larger.

3) Stage your home. Presentation is a crucial part of the home selling process, whether your buyers are viewing virtually or in person. When preparing to sell, you want to create a pleasing environment that highlights your home’s best features so that it speaks in a compelling, positive way to the most potential buyers. Staging can include anything from rearranging furniture to styling your bookcases, and is an easy, effective way to showcase your home.  

4) Maintenance. From touching up trim and paint, to replacing old or rusted fixtures and hardware, to deep cleaning, make sure you’re keeping up on maintenance in your home to prepare for spring open houses and virtual showings for potential buyers. 

5) Find your real estate professional. The current real estate market can be challenging. A real estate professional who is knowledgeable in your market, aligns with your real estate goals, and has access to the most effective tools to market your home can be invaluable in ensuring that your home is sold quickly and for the right price.

If you’re planning to sell your home, now is the best time to get your home ready for the spring market. Contact one of our trained HUNT real estate professionals today to help guide you through the selling process so you can get your home listed and sold this spring!