When you purchase your first home in Charlotte, you will join thousands of homeowners who have made the Queen City the envy of North Carolina. Mecklenburg County now boasts a population of a million people and as our metropolitan area continues to grow, so will the investment in your new home. In the past five years, the Charlotte region has maintained steady economic growth despite the challenges to commerce elsewhere in the United States. Whether your new residence is in the western suburb of Gastonia, in Concord to the east, on the waterfront at Lake Norman, or in Rock Hill to the south, your decision to buy a home is a good one.
Purchasing a home is the largest expenditure most people ever make, and sometimes a new mortgage may stretch a household budget. Smart homeowners can find several ways to save money on daily expenses in the Charlotte area, though. When you move into your new home, consider bundling your television cable, Internet, and telephone services. Verizon Internet offers discounts when all of these services are combined. You can also save money on utilities. Duke Energy provides electric service in the area and they offer their “Power Saver” program to cut costs by shedding demand at peak hours. More information about this program can be found at www.duke-energy.com/north-carolina. When you choose appliances for your new home, Duke Energy also offers substantial rebates to homeowners who buy high efficiency washers, dryers, stoves, refrigerators, and air conditioning units.
Groceries are an expenditure that can take a bite out of any household budget. There are several grocers in the Charmeck metropolitan area who offer discounts to loyal shoppers. The largest, Harris Teeter has a Very Important Customer (VIC) card that can save cardholders hundreds of dollars a year on food and drug items. Other grocery and drugstore chains offer similar discount cards worth exploring.
Saving money on utilities and groceries is nice, but you can also save when you want to enjoy the many entertainment and recreational opportunities Charlotte has to offer. The Go Play Charlotte program, formerly called Charlotte Citipass, is a discount book that contains $9000 worth of coupons for a purchase price of $30. The books are sold as a means of fundraising for charitable organizations, so no matter how many coupons you choose to redeem, a charity beneficiary will be helped by your purchase.
When you buy a home, you can deduct the mortgage interest and closing costs from your Federal Income Taxes. If you adjust your W4, this is like getting a raise. Also, if you have been renting in Charlotte, you may qualify for the Mortgage Credit Certificate (MCC). The North Carolina Affordable First Time Homebuyer program was modified in May of 2013, so anyone renting a home as a primary residence here for the last three years can qualify for up to a $2000 tax credit.
First time home buyers may also qualify for lower interest rates. Lenders such as Wells Fargo Bank offer new buyers special rates. Most lenders also offer huge savings on total mortgage cost if the homeowner commits to bi-weekly mortgage payments. By making payments every two weeks, you can pay off a 30 year mortgage in 22 years, saving 23 to 30 percent of total interest costs.