Are you looking for an idea for your tax refund?
Tax Refund Idea
By now, most people have completed their tax returns and sent it in. And, most who are due a tax refund check from the IRS have already received it. So,what should you do with the money that you received? By now, you may realize that I have an idea. As a matter of fact, a recent survey asked Americans what they are doing.
The survey reported that 38% plan to pay off some of their debt. And that’s a great idea. About 5% of people who responded to the survey said they planned to splurge and make a purchase. Additionally, 11% said they would use the refund money for a vacation.
But 41%, which is the largest group, are planning to put that money into savings.
Here’s an idea.
If you don’t already own a home, use the money as a down payment and buy a home. I realize that you’re thinking that the refund check ins’t large enough for the 20% down payment. Well. here’s a news flash for you. The average American who recently purchased a home only made a 6% down payment. For a home selling for $300,000, that’s only $18,000. And in the long run, owning your own home is a financially sound decision. In fact, the net worth of a home owner is much greater than an renter’s net worth.
But, what if you already own your own home? Well, that;s great. Do you have children who don’t yet own a home? Possibly you could use that money to help your children buy a home. By doing that you could help set them up for their future and help them achieve their dream of home ownership.
Just an idea.
Are you ready to either buy or sell a home? Please contact us