Are you thinking of buying a home? While you can and should get helpful advice and information from a variety of sources, one of these sources should be a certified public accountant (CPA). How can a CPA help you make the right decision about this long-term and large-scale investment? Here are five ways.
1. To Assess Your Financial Health. A primary home is one of the largest investments many Americans will make, so you need to ensure that your finances are in a good place to handle it. An accountant will look at your overall financial wellbeing and give you an honest assessment of its health. They can also help you find ways to improve before you actually buy.
2. To Determine Tax Effects. Most homebuyers expect to get some type of tax break — usually deductions or credits — from buying a house. And many do. However, this isn't the case for all taxpayers. Before you assume that you'll get financial help on your taxes, confer with a CPA to see what may or may not apply in your particular tax situation.
3. To Help You Understand Mortgages. Today's buyers have a plethora of home mortgage options, including different terms of length, fees, repayment plans, interest rates, and down payment options. Consult with a finance professional to help sort through these choices and find the ones that fit your needs and goals and that balances payments and money savings.
4. To Balance Other Goals. Are you saving for retirement, planning to return to school, or thinking about starting a family while looking for a home at the same time? How can you reach all these goals without sacrificing too much on — or for — any one of them? Accountants are trained in budgeting for short- and long-term goals, so they will help ensure you find that balance.
5. To Improve Your Credit. Are you concerned that your credit score may hinder you from the best loans or homes? If so, engage a CPA to help improve that score before shopping for a loan. Many people turn to risky and expensive credit repair companies in an attempt to fix their credit, but a finance pro will guide you in what you should do without making your financial problems worse.
Where to Start
Could you use help in any of these areas? No matter what your concerns about buying or what challenges may be keeping you out of your dream home, a certified public accountant can help. With their help and advice, you'll not only find the right home for your current finances but also have confidence in a strong financial future. Make an appointment today to get started.Share