The Holiday season is among us. We are days away from Hanukkah and a few weeks from Christmas! While most of us are busy buying presents for the holidays, others are concerned with where the grand events will take place. Many people try to move before the holidays because they want to host their family and friends in their new home.
What are the benefits, if any, to buying a home before January 1? The number of benefits may surprise many buyers.
Here are three significant benefits to consider purchasing a home prior to January 1:
- Tax Savings and Exemptions
If a buyer purchases and moves into a home before January 1, the new homeowner will be able to homestead the home. Depending on what the home appraises for, the buyer may be able to save $50,000 or more in taxes. If the buyer closes on a home by December 31, the new homeowner is able to save on mortgage interest, property taxes, points on the loan and interest costs.The current tax laws are changing, and waiting until 2019 to purchase a home could jeopardize the opportunity to save on present tax benefits.. Go to pcpao.org to take advantage of the new Tax Estimator to predict 2019 property taxes.
Purchases in December should either be cash or private loans as lenders will not be able to complete a transaction by year end.
- Consistent Payments
The longer a renter lives in one place, the higher his/her rent can climb. Landlords can and often raise rental payments each year. Incomes, however, do not necessarily incline every year with the cost of rent. Therefore, by purchasing a home, the new homeowner has more control over his/her cost of living. And, let’s not forget the equity you are building by owning.
Unless a homeowner is living in a community with a strict HOA, the homeowner has the power and authority to redesign the home as he/she wishes. Repaint the door and exterior of the home whatever color you choose. Redesign your home by choosing and installing the desired floors and cabinets and remodeling larger projects, such as kitchens and bathrooms.
About Eagan Luxury Real Estate
Debi Eagan is a licensed Realtor with Eagan Luxury at Keller Williams Realty St. Pete. The Eagan Luxury Real Estate team is active in the community and are local experts in luxury waterfront homes and condominiums. The team are experts in: negotiation, marketing, staging, statistical analysis and financing that provide buyers and sellers a unique perspective and vantage point in the local market. This expertise also allows Eagan Luxury Real Estate to tailor its services to each client’s individual needs and to provide the concierge level customer service that translates into proven sales results.
The team of Eagan Luxury has consistently ranked as a leader in South Pinellas real estate and specializes in luxury properties from downtown Saint Petersburg to the highly desirable corridor along the Pinellas Bayway, Tierra Verde and St. Pete Beach. The properties we specialize in are very diverse and offer a variety of eclectic choices and styles.
If you are interested in discovering how much your home is worth, seeing what other homes in the area are going for and why, call Debi Eagan at 727-637-1019 for a free consultation.