What To Do With Your IRS Refund

by JoAnn Young, Owner/Broker Peoples First Financial Services - Realtor, Young & Young Properties

Last week I sold this cute house to a first time home buyer.  What dream of theirs seemed impossible, together we made possible...with very little money.   The house was a move-in-condition foreclosure for $121,500.  The buyer used gift funds for the 5% down payment.  Her parents gave her the option of a paying for her wedding or helping her buy a house. I know every little girl dreams of having her fairy tale wedding but I also see a practical side of a wedding versus an investment.  Yes, a house is an investment. It is probably the biggest investment this young lady has and will ever make in her life. And, if you ask me, I think it was a very wise choice.  Hear me out.

Long after the decorations have been removed, the cake eaten, the guests have left and the beautiful dress has been placed in a box to be stored or sold for not even half of what was spent,  the young bride and

groom are left with memories and photographs of their special day.  I know if I could do it all over again knowing what I know now, I would choose the house too!
The gift of this investment will last forever.  When this house has been lived in for 3-5 years, they may wish to sell and purchase a larger home.  She will then reap the benefits of EQUITY!  In that short amount of time, the money that was used for the down payment will most likely have doubled.  Thus enabling her and her groom to purchase the next house and the next house and so on.  In the end of their lives leaving their "investment" to their children if they wish to do so.

The buyer of this home used 5% gift funds from her parents and then $4200 of their own money for the closing costs which came from their income tax refund from the IRS.  (aka: The United States Treasury savings account).
The payments for this 1600 sq ft home are LESS THAN RENT at $808 per month and this house is much nicer than one would expect find to rent for that price in the area.  I can't think of anything better to do with an income tax refund.  This was a fantastic investment in an area of Florida where property values are now going UP.  Talk about a deal!

Weddings are beautiful but only for a moment.  If you think of all the money that has been spent on a wedding that you've attended in the past and then think about a home to live in that you call your own is a "gift that keeps on giving" to coin a phrase.  I know this scenario is not for everyone but it worked for this young couple and they are now living in their dream home.

If you are interested in finding out if you qualify to buy a home or have already made a decision to buy a home, call me. JoAnn Young for professional assistance.  I'm in my 20th year of helping people make their dreams come true!  321-243-4917 or Email me here.