Ashton Pointe Blog

One of the most popular home ownership myths in Beaufort, SC is that owning a house is a huge tax break as compared to renting.  I don’t know how many times people have personally told me that they want to buy a home because they NEED a tax deduction!  I just shake my head in disbelief because I have done the math.  

If your mortgage interest and other qualifying expenses such as charity contributions aren’t more than the standard deduction, ($11,600 for joint filers in 2011), there is no tax advantage to owning a home as opposed to renting an apartment in Beaufort, SC .  Assume that you buy a $200,000 house with a 5% downpayment at a 6% interest rate.  Your mortgage interest for the year would be $11,336.  The Standard Deduction for joint filers is $11,600.  

In this example, there is NO TAX BENEFIT.  Even when there is a tax benefit, you most likely paid much more money to maintain the house than you are saving in taxes.  If your mortgage interest is more than the standard deduction and you choose to itemize, there is little to no advantage.  

For example, assume that your mortgage interest in 2011 is $15,000.  You would get to deduct an additional $3400 if you itemize BUT you spent $15,000 in mortgage interest to save $850 on your taxes (assuming 25% tax bracket).    

Don’t forget that you would also have all of the other expenses of home ownership that you would not have incurred when renting an apartment in Beaufort in an HHHunt community.

October is loads of fun. Take the kids and enjoy a couple of the upcoming festivals scheduled for next weekend.

Festival of the Sea in the Old Village of Port Royal on October 15th has a pirate theme this year. The 3K Walk the Plank for CODA will kick off the Festival.  While listening to live music enjoy seafood, burgers, BBQ and more, with your favorite cold beverages.

Port Royal has so many quaint shops. Visit the local shops and check out our craft and artisan booths. Collector Car Display, kid activities, underwater pumpkin carving and much more! Don’t miss this opportunity to visit the Pirates of Port Royal, or become one of them.
 
Admission is free, oh, remember to bring your eye patch!

Also on October 15th, are the Beaufort Exchange Club Ghost Tours. Take a carriage ride or walking tour through Beaufort’s historic district while listening to costumed storytellers tell haunting tales of the area. One of the oldest ghosts in America is said to live in “the Castle,” a 19th century renovated estate located on the river in downtown Beaufort. Some of Beaufort’s oldest residents have shared ghostly stories from their childhood.

Ashton Pointe, an apartment community in Beaufort, SC wishes you all a fun festival season in the Lowcountry.

Apartments.com is searching for America's BEST roommate. Right now they are holding the 3rd annual Roommate of the Year Contest. Guess what the lucky winner will receive? The outstanding roommate will be the winner of FREE Rent for a Year plus $10,000 cash.

Could the next Roommate of the Year be living at Ashton Pointe? We think so because the best apartment home communities have the best residents! But, you only have until June 13, 2011 to submit your video entry to www.RoommateOfTheYear.com for a shot at living rent free! For the third year, Apartments.com is searching for acts of roommate excellence. Submit a video of 2 minutes or less, illustrating what makes you America's most desirable roommate and you could walk away with FREE Rent for a Year, $10,000 in cold, hard cash, a year membership to FreeCreditScore.com and the coveted title of Roommate of the Year.

Calling all Ashton Pointe residents! To register, visit www.RoommateOfTheYear.com for full details on the Contest and to view previous Hall of Fame entries for inspiration like the one below from 2010!