FIRST TIME HOMEBUYER INCENTIVES

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First time homebuyers will face many challenges, many of which will stem from their own inexperience. The worst of these challenges is facing their own doubt – common questions that arise include whether this is the right home, are they financially secure enough to take the plunge, and are they truly making the right decision. But there are many tangible reasons why first time homebuyers in Palm Beach should feel confident in their decision to invest in a home. Here are some first time homebuyer incentives.

It’s your property and your money. While renting may feel convenient (no strings attached), you have real power when you invest in your own home. Not only do you own your home, but you benefit from all the potential tax write offs that come with it – ask about all the potential deductions from local taxes to the mortgage interest.

You can make a tax-free profit. If you eventually sell your home, you may be eligible to shelter a large amount of the profit. As long as you have lived in your home for two of the five years before the sale, up to $250,000 for a single, and $500,000 for a married couple of the profit will be tax-free.

There is a new homebuyer’s tax credit. In the current climate, the government is trying to stimulate the interest of first-time homebuyers. Congress recently approved a temporary homebuyer tax credit, only applicable to those who have never purchased or owned a home before.

Along with the pride that comes with owning a home and leaving the rental world behind, buying your first home brings a host of advantages. Be sure to inquire with your Palm Beach realtor about other first time homebuyer incentives, as well as how best to plan this exciting venture.

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