Buying a home is an important financial milestone and will help build your equity with your new investment! With tax season quickly approaching, there are a few differences between renting & being homeowner.
Your mortgage interest should be tax deductible, and dependent on your mortgage this could account for the majority of your initial payment. You also have the option to deduct any insurance premiums that were paid for if less than 20% of your mortgage was put down at the time of purchase. Dependent on your utility provider you may also receive credits for being more energy efficient.
It is recommended to save all formalized documents post purchasing your home for tax purposes, including your closing statement, as well as any receipts from home improvement projects in the event of selling your home in the future.