Essential Government Policies To Consider Before Your First Home Purchase

When contemplating the purchase of your first home, there are a lot of things for you to consider – the best location, how large you need that home to be, your preferred home design, whether you want to buy a ‘fixer-upper’ or a newly built home, and much, much more. One thing that is not normally considered by prospective home buyers though, is the various government policies regarding housing that could impact them. You will be informed of most of these by Miami Property Management.

Trish Regan, of the Intelligence Report on FOX Business Network, had some advice to offer regarding the issue of important government policies that you should know. See the top policies below:
● Only after 24 months of owning your own home will you be eligible for exemption from capital gains taxes should you decide to sell.
● There is tax deduction on interest for a mortgage of up to 1.1 million.
● You will be allowed to deduct real estate taxes.
● An increase in interest rates could affect your home’s value negatively, and as these rates go up, your mortgage will become more costly.
● Zoning is important, so pay close attention to the areas you choose to reside in as this will affect several things in your life, such as which school your child is likely to attend.

Source: rismedia.com