Episode 70 – The Finances You Need to Consider When Buying a House and How to Prepare Ahead of Time

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Finances to Consider When Buying a House
Episode 70 – The Finances You Need to Consider When Buying a House and How to Prepare Ahead of Time
November 16, 2020
Key Takeaways To Tune In For
  • [2:34] The biggest thing that we were looking for when we bought a house and why we chose to do it this way
  • [5:09] The different things in my home that I can write off as a big tax deduction
  • [7:31] Why you should keep track of any improvements you make to your home
  • [7:41] What is capital gains tax?
  • [8:10] The improvements in your home (if any) that would count towards your tax deduction 
  • [8:42] The book I reference often before making any big purchases for my home
  • [9:52] What I’ve learned from my investment coach that I want to share with you
  • [12:01] Different alternatives to think about if you have the extra money to pay off your mortgage right now
  • [14:01] What you need to have in order if you’re applying for a home loan
  • [15:10] My biggest tip you need to know before you buy a house as a freelancer 
  • [16:03] How to prove that your income is legitimate 
  • [17:21] What you’re expected to have organized when it comes to your taxes 
  • [17:44] What to do if you’re using a finance tracking system like Quickbooks or Freshbooks
  • [18:36] This is what you should be doing now if you’re looking to buy a house or property within a year from now

 

In this episode, I share some of the behind-the-scenes of what all went into choosing the home that we did. I talk about the different things that I can write off as tax deductions and what you should consider if you’re looking to buy a house or a piece of property soon.

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