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Tax season has arrived! While filing your taxes isn't always very fun, deciding how to use your tax refund can be pretty exciting! Using that tax refund to help you buy a new home might just be the smartest way you could invest those funds.
Increase Your Down Payment
For some home buyers, saving up for the down payment is the hardest part of the process. Your tax refund may help you meet your target down payment amount! If Uncle Sam owes you back this year, consider investing that amount in your home instead of taking a trip or buying a car (which will only decrease in value). Click here to connect to a new home specialist who can tell you more.
Build Equity
Equity is the portion of your home that you already own. For example, if your home's current resale value is $300,000 and you owe $250,000, then you have $50,000 in equity in that home. The larger your down payment, the more equity you start with in your home, which can help you build more wealth over time.
Lower Your Interest Rate
Using your tax refund to help purchase a new home could help you get a lower interest rate in a couple different ways. First, a bigger down payment may translate to being offered a lower interest rate. When you have more equity in your home, lenders see you as a lower risk and may therefore offer you a lower interest rate. Second, your tax refund could be used to buy down your interest rate, resulting in lower monthly payments. While we're on the subject, click here to learn about our latest incentive for new homebuyers!
Buy More Home
Using your tax refund could allow you to buy a bigger home or a home with more luxuries. When you have more cash to put toward the purchase, you have more options! Do you want more square footage? More personalizations? More luxury features? Your tax refund may be the ticket to making those dreams a reality! Click here to learn more about our wide range of interior, exterior, and landscaping options.
Lower Your Monthly Payments
A larger down payment and a lower interest rate mean lower monthly payments! Lower monthly payments make homeownership more affordable and reduce the strain on your monthly budget. Click here to learn about Betenbough's commitment to offering affordable new homes.
Cover Closing Costs
The tax refund could help pay for closing costs. Closing costs are the fees due at closing when purchasing a home. These are in addition to the purchase price of the home. Examples of closing costs include lender fees, taxes, appraisal, inspection, record filing, insurance, etc. These fees add up, so using your tax refund to help offset them can be a huge financial help on closing day.
Get Your Current Home Ready to Sell
If you're already a home owner but have dreams of upsizing (or downsizing, for that matter) into a newly constructed home, you have another option with your tax refund. In this case you could use those funds to make needed repairs or upgrades to your current home so you can sell it! Whether you need more space for a growing family or less space to have to maintain, putting your tax refund toward some needed "spruce ups" on your current home could help it sell for top dollar.
Now you're armed with some helpful strategies for using your tax refund to help purchase a brand new home. Your next step is to get in touch with one of our new home specialists to begin your journey toward owning the home of your dreams! Call today to schedule a VIP tour:
- Amarillo 806-513-3514
- Lubbock Northwest 806-606-0320
- Lubbock West 806-853-5808
- Lubbock South 806-205-6312
- Midland 432-218-2675
- Odessa 432-289-5258
