If you’re thinking of entering the home market for the first time, there’s no question there are some challenges ahead of you. Being a first-time homebuyer comes with several new experiences to navigate, which is part of what the professionals at Primary Residential Mortgage are here to help with. We are a trusted local mortgage lender serving all of Southwest Florida including Fort Myers, Lehigh Acres, Naples, and Sarasota.
We’re also here to show you the flip side: While being a first-time buyer can be challenging, it can also be highly rewarding. We’re talking about more than just the numerous perks of owning your own home, too – there are actually several distinct financial benefits that come along with buying your first home. Let’s look at a few prominent areas here and make sure you’re in position to take advantage of all these perks you qualify for.
There are several significant tax deductions you might be eligible for after purchasing a home:
It’s important in any mortgage situation to think of your home as an investment that you’re paying toward little by little over the year. Eventually, you’ll own it outright and it will be a financial asset. And if you sell your home after at least two years of occupancy, there’s a good chance you’ll be exempt from capital gains taxes on the first $250,000 of profit from your sale.
Many first-time buyers are allowed to use up to $10,000 from a personal IRA to put toward their down payment. This is a practice that would normally come with a 10 percent tax, but this is waived for many first-time buyers. For traditional IRAs, however, know that you’ll still have to pay taxes when you withdraw funds later on.
For more on the financial perks of first-time homeownership, or to learn about any of our mortgage loan services, speak to the staff at Primary Residential Mortgage in Fort Myers today.
*The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.