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In this falling real estate market, many people are either unable to sell their homes, or they’re holding on to a house that’s worth less money now than when they bought it. If you are in a similar position and not sure what to do, why not consider donating the property to charity?
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donating your home to charity, donating to charity, save money, donating your home, save money on taxes, charitable donations, donating to charity
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In this falling real estate market, many people are either unable to sell their homes, or they’re holding on to a house that’s worth less money now than when they bought it. If you are in a similar position and not sure what to do, why not consider donating the property to charity?
While this may sound like a radical idea, it can actually save you a great deal of stress, energy, as well as thousands of dollars.
The stress that comes with owning an unproductive property can be immense, as you continue to make monthly payments and perform regular maintenance on a home that is losing value. You’re paying property taxes and other bills each month, the costs of which you know you won’t recoup through a sale.
By donating your property to charity, you can free yourself from this burden. No more will you have this albatross around your neck; you will be free to put your monthly payments towards more productive investments like new real estate purchases or setting up a retirement fund.
Selling your home for less than you paid is more than just expensive, it’s depressing! After all the hard work you’ve put into a property, you want someone to appreciate it and to make a fair offer. Especially in today’s market, selling can be a long and arduous process that yields less than desirable results.
When you donate your home, you are given an immense tax break. This tax deduction is based on your home’s current value on the market. You will also save money on real estate commissions if you decide to donate rather than sell. Normally you would have to pay broker fees for both your real estate agent as well as the buyer’s agent. In addition, there are costs for home inspectors, lawyers, and miscellaneous closing costs. In many cases you end up in a better position financially when you donate your home to charity than you would if you endured the lengthy selling process.
You are also able to donate a home while still living in it. By making a “life estate,” you benefit from the tax break, get to enjoy your home, and when you pass away, the title is transferred to the charity.
Not only can giving your home away save you money, but it can also make you feel great. Helping others is one of the most satisfying things we can do as people. Knowing that your home will go towards a good cause will leave you feeling fulfilled and relieved. Charities have the option to sell the home themselves, or to use the property as it stands. The home may even go to a needy family who need a roof over their heads. While tax breaks are nice, you should never underestimate the power of offering a helping hand.