Springtime is traditionally thought of as “home-buying season.” It just so happens that it’s also time to file your taxes and hopefully get a refund. According to statistics from tax year 2022, roughly two-thirds of taxpayers received refunds, with an average amount of $3,200. For anyone saving up to buy a house, this is welcome news. You can definitely use that tax refund for a down payment. There are also some other ways to use the money you get back that can help make buying your next home a bit easier.

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Congrats! Your house is selling for substantially more than you paid for it! That’s a good thing… or is it? There are some scenarios when selling a home will come with hidden fees and tax liabilities.The IRS may want a chunk of the profits in the form of capital gains tax. But there are ways that homeowners can avoid taxes on home sales.

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After budgeting how much to spend on a home, buyers can be thrown for a loop when asked if they’d like to add a home warranty at closing. An extra expense can seem like a lot — especially when its benefits are not clear. But the truth is that in some cases, a home warranty can actually save money and offer great peace of mind. If something goes wrong once the keys are in hand, having a home warranty makes repairs affordable.  

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First-time homebuyers have so many decisions to make–from where to live to choosing a lender. Fortunately, many government programs and loans are designed to support first-time homebuyers.

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There’s a lot on the line when figuring out what a home is worth. Setting the asking price too high might limit the number of offers and leave the house on the market a long time. Asking too little could mean leaving money on the table. 

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There are several things that determine how much house someone can afford. Salary, savings, and credit history paint part of the picture. Add to that the buyer’s wish list for a house, the neighborhood, and the real estate market, and the answer comes further into focus. 

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When a buyer offers to pay cash for your house, it might seem like a dream come true. After all, it eliminates the chances of the deal falling through if they can’t get a lender’s approval. But accepting a cash offer might also mean leaving a lot of money on the table. Whether selling a home for cash is a good idea or not depends on who is making the offer—and why.

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As we write this, real estate is experiencing a strong seller’s market. Not only is it easy to find a buyer in almost every part of the country, but bidding wars are also common. But before sellers get too excited about their profits, they need to remember that they won’t simply walk away with the sale price minus the balance left to pay on their mortgage. They must also consider seller closing costs. 

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Everyone selling a home has the same things on their wish list. They want to find a buyer fast, have a stress-free sale, and get the best possible offer. And when they accept an offer, no one wants to feel like they’ve left money on the table. 

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Real estate is often described as a good investment, and in most cases, owning a home has more financial benefits than renting. But what about taxes? Is buying a home tax deductible? Unfortunately, if home buyers are expecting big tax write-offs, they are likely to be disappointed. 

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