Dawn (253) 307-6438
Brandon (253) 732-0778
New Tax Plan and how it affects YOU! Part 5 – Renters
Now let’s talk about the Losers in the New Tax Plan and how it affects YOU! Part 5 – Renters
As we briefly mentioned in our first post of this series, Renters are one category that would be considered the biggest losers in this tax plan. In a hot market like we find ourselves in, it’s harder for a renter to find a home. It can get frustrating getting out bid constantly in multiple bid situations. However the benefit to a renter is that they don’t have to sell a home first so they can feel confident in looking, bidding on homes and eventually they will prevail! Then all they have to do is give their notice that they are moving to their landlords.
We have already seen a significant uptick in rents because there are less homes available to rent which is driving the prices up. There are more millennialist and baby boomers renting now, so there is a greater demand for rental properties. This is driving the rents up.
You cannot write off your rent, but you can write off your mortgage interest so renters definitely are the big losers in this tax change. However, even in the previous tax codes renters could not write off their rental amount.
Best advice we could give you is to start thinking about buying. We can give you some referrals for great mortgage lenders who can chat with you about the home buying experience. It really is not a scary process, it’s very streamlined these days and renters who think they can’t buy often can.
Give the Heilbrun Home Team at John L. Scott, Orting a call and we can help you navigate what you might think is an overwhelming process but we make it smooth and easy.
In our next series about the new 2017 Tax code changes, we will be talking about another group that are losers with this plan. We will talk about this in Part 6 of our next post, which is Upper-Middle Class and luxury buyers. Remember to always talk to your tax professional for more specifics.
The Heilbrun Team at John L. Scott, Orting, is here for you for all your real estate needs in Pierce and King County!
Dawn Heilbrun, Owner
253-307-6438
The Heilbrun Home Team
John L. Scott, Orting
www.dawnh.johnlscott.com
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