mortgage

Tax and Finance Tips for Buying a Home in Westchester County

Buying a home is a rewarding milestone that also comes with a great deal of tax and finance-related implications.

tips for buying a home in westchester county from westchester accountant paul herman

Get to know these helpful hints before buying a home in Westchester County!

As a homeowner in Westchester County, Westchester accountant and personal finance expert, Paul Herman knows first hand how to help ease the stress on your home buying experience in Westchester, and of course save money in the process! Get to know these handy tips in Paul’s guest blog with Westchester NY real estate agency Prudential Centennial Realty here.

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Life Situations and Finances: FAQs

Scarsdale accountant Paul Herman has all the answers to your personal finance questions!

Personal finance faqs from westchester accountant paul herman

Save money with these handy tips!

 

The following are common “life situations” that many of us find ourselves in at one point or another. Get to know these common questions and concerns to save big!

 

The following are a few ways to lessen your bank fees:

 

  • Look into what is necessary to get free checking and free ATM usage and do it. This is typically done by having a minimum balance and only using your bank’s ATMs. Another thought is joining a credit union instead of a bank as they generally charge less for banking services.
  • Investigate how to invest in higher interest accounts. Determine how much money you would need in case of an emergency and roughly six month’s worth of expenses and keep that amount in your savings. Take the rest of you money and make it work for you.
  • Don’t order checks through your bank. Generally speaking, check printers charge less than the printers employed by the bank.
▼ What can I do to save money on my insurance costs?

These tips will help you save on all types of insurance:

  • Shop around for your life insurance policy. Take the time it takes to periodically check the prices on different policies, as it will pay off in the end. If you have recently quit smoking, you will probably be able to get better rates in a few years.
  • Evaluate your needs in terms of life insurance to see whether you are being charged too much for coverage.
  • Use the same insurer for home and auto insurance, as you will more than likely get a break.
  • Look around for auto insurance to find the best possible rate.
  • Save on your homeowner’s insurance by installing burglar alarms, smoke detectors and sprinkler systems. Consult an insurance agent to learn more.
  • Do away with private mortgage insurance. Ask your lender to cancel this as soon as you have enough equity in the home (this is required by law).
▼ What can I do to cut my utility costs?

These are a few tips to remember to help save money with utility costs:

  • See if your utility has a subsidizing program to make your home more energy-efficient. If that turns up nothing, you can still caulk your windows and check the insulation to make sure it has a high enough “R” factor.
  • Use fluorescent lights instead of incandescent bulbs for lights that are constantly on.
  • Maintain the thermostat at the highest and lowest temperature for comfort in the summer and winter, respectively.
▼ What can I do to reduce the cost of my phone bill?

There are many opportunities due to today’s cost-cutting competition among phone service providers, such as:

  • Verify that your long-distance charges are competitively priced. Research which long-distance carrier will give you the best rate and switch if you are not with that carrier.
  • Use the phone book instead of dialing “Information.”
  • If you have children at home, block all “900″ numbers.
  • Stay in touch with relatives and friends through e-mail.
▼ What can I do to reduce the cost of my mortgage?

The options that follow will help in reducing the cost of your mortgage:

  • Think about paying down your mortgage. This is an effective way for saving and raising net worth for many people. Make a decision to pay a specific amount more than the mortgage principal and faithfully stick to it.
  • Think about refinancing your mortgage. Determine if refinancing your mortgage will save you money. Calculate to see if the costs for refinancing are worth a reduction in your monthly payments. If you intend to remain in the house for at least five years, the common guideline is that at least two points reduction will make it worthwhile to refinance.

Our Scarsdale tax preparers here at Herman & Company CPA’s are here for all your financial needs. Please contact us if you have questions about these provisions or any other tax compliance/planning issues, and to receive your free personal finance consultation!

Herman and Company CPA’s proudly serves Bedford Hills NY, Larchmont NY, Mamaroneck NY, Bronxville NY, Scarsdale NY, Greenwich CT and beyond.

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Steps to Reduce Your Cost of Living

Scarsdale CPA Paul Herman has all the answers to your personal finance questions!

Cost of living reduction tips from scarsdale accountant

Keep more money in your wallet with these savings tips!

 

 

Like taxes, bills are a part of life that are never pleasant but have to be dealt with regardless, but can also be made less painful to face when the numbers are smaller. Here are some handy cost-cutting tips to get you started.

  • See if your utility has a subsidizing program to make your home more energy-efficient. If that turns up nothing, you can still caulk your windows and check the insulation to make sure it has a high enough “R” factor.
  • Use fluorescent lights instead of incandescent bulbs for lights that are constantly on.
  • Maintain the thermostat at the highest and lowest temperature for comfort in the summer and winter, respectively.
▼ What can I do to reduce the cost of my phone bill?

  • Verify that your long-distance charges are competitively priced. Research which long-distance carrier will give you the best rate and switch if you are not with that carrier.
  • Use the phone book instead of dialing “Information.”
  • If you have children at home, block all “900″ numbers.
  • Stay in touch with relatives and friends through e-mail.
▼ What can I do to reduce the cost of my mortgage?

  • Think about paying down your mortgage. This is an effective way for saving and raising net worth for many people. Make a decision to pay a specific amount more than the mortgage principal and faithfully stick to it.
  • Think about refinancing your mortgage. Determine if refinancing your mortgage will save you money. Calculate to see if the costs for refinancing are worth a reduction in your monthly payments. If you intend to remain in the house for at least five years, the common guideline is that at least two points reduction will make it worthwhile to refinance.

Scarsdale  accountant Paul Herman is here to help you with all your personal finance needs. Please contact us for all inquiries and to receive your free personal finance consultation!

Herman and Company CPA’s proudly serves Scarsdale NY, Rye NY, Mamaroneck NY, Mount Kisco NY, Bronxville NY, Tarrytown NY, Greenwich CT and beyond.

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Any U.S. tax advice contained in the body of this website is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.