June is National Homeownership Month and serves as a reminder to us about the evolving role of the home and its importance in our lives. It’s a time to highlight efforts to help families achieve affordable and sustainable homeownership here in our local community.
As your local Realtor®, my role includes stewardship of the American Dream of homeownership. Real Estate professionals are a key voice in promoting and educating consumers on the value of homeownership.
Here are just a few benefits of homeownership:
Mortgage rates have been at historic lows for quite some time now. But with inflation on the rise, mortgage interest rates will also follow. Unfortunately, there’s no crystal ball to predict how much it will have to increase in order to stop inflation.
Increased Rental Rates
The prices of rentals have increased dramatically over the past year. In fact, a recent survey showed rent in South Florida increased by nearly 50% in the last year. So, depending on your long-term plans, buying a property in Florida may be the better option to renting.
Potential For Investment
Real estate investors have always looked to Florida as a place to invest in property because of the potential for appreciation and the opportunity to rent out the properties for extra income. With the right opportunity, it could be a great time to buy a house and allow it to appreciate.
For homeowners, state and local property taxes are deductible in Florida. You can also speak to your accountant about possible deductions on your closing costs and points when purchasing a home. The Florida Homestead Exemption can decrease the taxable value of your primary residence by as much as $50,000, resulting in lower real estate taxes. There are also additional exemptions available for active-duty military and veterans, adults aged 65 and older, surviving spouse of fallen heroes, and permanently disabled homeowners.
I’d like to encourage you this month to learn more about homeownership opportunities and financial management plans. Contact me to schedule a no obligation complimentary appointment to review your goals, answer your questions and enjoy our time together!