Purchasing a home this year just got a lot more appealing, because now it makes you eligible for three 
major tax benefits that future buyers will probably not have access to. So, for those of you who have been eyeing a certain property for a while now might be the perfect time to invest in order to capitalize on these breaks while they’re still around.
1. Use deductible points to lower your interest rates
Although deductible points are a normal tax break, 2015 is a good time to buy up extra points. That is because these deductible points can be used to lower the interest rate of your home, which are at an all-time low throughout the industry this year. On average one point typically lowers a rate by .25%, so by applying deductible points you can sizably reduce the interest rate you pay.
Points are also tax deductible for most people during the year they bought their home, so even if buying points doesn’t have a huge effect on your interest rate you can still profit from the tax break they provide. Market analysts predict that interest rates will increase in the coming years, so now is the time to capitalize on these low rates, and then apply points to reduce what you pay even more.
2. Use energy credits to your advantage
Buying a home in 2015 means that you can stock up on energy-saving systems and take advantage of the 30% write off on the cost that is offered through the Residential Renewable Energy Tax Credit. By utilizing that initiative you are able to cut down on your energy expenses while also saving money through the write off, which could end up paying off big in the long run. Some of the items included in the act are geothermal heat pumps, solar panels and water heaters, fuel cell property and wind turbines, as well as some other common energy saving devices. This act is only good through the end of 2016 however, so in order to benefit from it you need to invest in your new home now.
3. Avoid costly future rental prices
Buying a home means you no longer have to pay for that pricey rental, which is predicted to get even more expensive during the coming year. Rent has been steadily rising for the past five years, according to a report from the Wall Street Journal, and that average price is expected to continue to increase throughout 2015. Renting also means that you do not qualify for any of the tax breaks offered to home owners, so in the long run it may end up being a lot more cost effective to invest in that home you have been eyeing instead of continuing to pay hefty rental prices.
2015 may be the year that many people decide to make that jump and invest in their dream home. If you are interested learning more about any of the residential properties currently on the market here in South Florida then feel free to contact a RE/MAX agent today and they will be happy to assist you with any of your real estate needs.