Every First Time Home Buyer In Idaho Can Save With This Trick
Buying a home in Idaho is becoming next to impossible and if you're in the Treasure Valley, it's even more difficult. Simply said, Idahoans are in many ways, being "priced out" in area's that otherwise would be "home". Now, we're finding ourselves wishing that we could buy a home to pay a mortgage that could well be cheaper than rent.
What is going on here?
Believe us when we say--this trick for first-time home buyers in Idaho is legit. No, it isn't earth-shattering--but these days, everything helps. This is something that can benefit even the youngest of kids, too.
Are the "cheapest" homes in Boise really even that affordable? Here's what "affordability" looks like in the Treasure Valley right now:
These Are the Cheapest Homes in 8 Parts of the Treasure Valley
So, hoping to be a first-time home buyer but not sure when you're wanting to make the move? Maybe you're waiting to see if things will be "slowing down"?
It's called a "First-Time Home Buyer's Savings Account" and in Idaho, these things are golden. A relatively new thing in terms of taxes, this is a major WIN-WIN.
This specific type of savings account, only available to Idahoans at State of Idaho approved institutions, carries massive benefits.
Opening one of these accounts as a single tax-filer allows you to put away up to $15,000 per year ($100,000 total) towards the purchase of your first home--TOTALLY DEDUCTIBLE FROM YOUR IDAHO INCOME TAX. No, this isn't a drill.
If you file as a married couple, you can stash away $30,000 per year (again with a $100,000 total) and that will be totally tax deductible as well.
This "hack" isn't much--but it sure does help you in the long game. As long as the money saved in these accounts goes towards a down-payment or any closing costs--it's earning interest and it's saving you on your taxes.
Interested in getting one going? Find more information, HERE.
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