Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

Buying a home? Get help from your CPA, really!

buying a home, CPA, dream home, taxWhat do you know about buying a home? As a millennial, I fully admit that I knew nothing. This is because I have never bought a home before, nor was I looking. Shocking right, a millennial NOT looking for a home?

Anyways, I was randomly jogging on a Thursday afternoon through the nearby neighborhoods. I ran down the streets I saw for sale signs on and then took mental notes to look them up on Zillow. This not only keeps me updated on market prices in the neighborhood, but also motivates me to jog longer and work harder so that I can afford some of the homes I look at. Well…I found one. It was a HUD home, also known as a foreclosure. This was an inhabitable duplex that needed to be completely renovated, so of course, like everyone, I wanted it! But of course I didn’t know the process and nor did I know of the time crunch for HUD homes. Fast forward to the not so happy ending … I didn’t get it. I didn’t even get my bid in before they had already accepted another offer, because I wasn’t prepared. Don’t make my mistake – be prepared.

Whether you are shopping, thinking or dreaming of buying a home, you should go get pre-qualified and see what you can afford. Also see your accountant for a tax projection if you are curious if it could benefit your tax situation, because it is likely that it could. Another point I would like to add is that we may not be financial advisors or lenders, but we have connections.

It was shocking in my hunt for a lender that could do a special type of loan (FHA 203K), which is what I needed for this specific property. It was even more shocking when the lenders I talked too didn’t even have a contact of someone that they could refer. I wasted a lot of time searching and missed the initial wave of entries which cost me a good investment property. The person that actually connected me to someone happened to be sitting three offices down the hall from me. A fellow accountant and CPA was my best contact to get me to the right people for buying a home. And now that I have those contacts, I will be ready for next time.

So don’t look at your tax accountants as just that, we are here to help and can help in more ways than one. And if we can’t help, we definitely can find someone that can. Hit us up for a tax projection or any other tax needs, but also utilize our network of connections. We want to help in any way we can. When you succeed, we succeed.

Chris Morrison, CPA