Florida Buyer Agent

Solar panels and battery backup systems are becoming increasingly common on Florida homes. But if you’re buying a home with solar, there is an important piece of due diligence that shouldn’t be overlooked.

I recently experienced this firsthand when a client was purchasing a home with Tesla solar panels and a backup battery system. It required learning not only about the technology, but also about the financial and contractual obligations that can come with it.

Who Owns the Solar Panels?

Before entering into a contract, buyers should determine whether the solar system is:

• Owned outright
• Financed
• Leased

This distinction matters because solar panels are generally considered fixtures and may be included with the property. However, financing or lease obligations may need to be paid off, transferred, or otherwise addressed before closing.

Under the Florida Realtors/Florida Bar Residential Contract for Sale and Purchase, as well as the “AS IS” version, the real property conveyed to the buyers generally includes existing improvements and fixture unless specifically excluded from the contact.

If the System Is Financed or Leased

Don’t assume that financing or a lease can simply be transferred to the buyer. The solar company or lender may not permit an assumption, and there may be additional requirements or fees. In some cases, mortgage lenders may also require certain financing to be satisfied or released before closing.

If the panels are leased, early termination can also be complicated or expensive because leases may extend for many years.

My Advice to Buyers

Ask about the solar system early—preferably during the Inspection Period—and obtain copies of all financing, lease, warranty and service documents.

If a transfer of a lease or assumption of solar financing is involved, I strongly advise getting an attorney involved before proceeding. This is one situation where understanding the obligations before you commit can save you from an unexpected problem at closing.

🚩 RED FLAG

Seller says, “The solar company will just transfer it to you.”

Don’t take that for granted. Confirm directly with the solar company or lender whether the lease or financing can actually be transferred, what the requirements are, and whether your mortgage lender will permit it.

Bottom line: Solar panels may be a great feature, but make sure you know exactly what comes with them before you buy the house.

Filed under: Blog, Boca Raton real estate, EBA, Energy efficiency, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, home Inspections, Home Maintenance, Homebuyer Advice, Homeowners Insurance, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, smart home, South Florida Real Estate by Kim Bregman
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Buying a luxury home in South Florida is about much more than finding the right location, architectural style, or view. Whether you are considering a waterfront estate, a golf community residence, or a luxury condominium, the purchase price is only one part of the financial picture. Before making an offer, today’s sophisticated buyer should understand the true cost of ownership. Planning ahead can help avoid surprises and ensure that your new home fits comfortably within your long-term lifestyle and financial goals.

1. Insurance Can Be a Significant Expense

Insurance is one of the first expenses luxury buyers should investigate—before the inspection period is over. The cost of homeowners, windstorm and, when applicable, flood insurance can vary dramatically based on a property’s location, age, construction and protective features.The age and condition of the roof, impact-resistant windows and doors, elevation, prior claims history and proximity to the coast can all affect coverage and premiums.

2. Property Taxes – May Differ Signifcantly After the Sale

A common mistake is assuming that the seller’s current property tax bill will be the same after you purchase the home. In Florida, a property’s assessed value and tax benefits can change following a sale. A home may appear to have relatively low property taxes simply because the current owner has benefited from assessment limitations or exemptions that may not transfer to the new owner.

3. Waterfront Living Comes With Additional Responsibilities

There is nothing quite like living on the water in South Florida—but waterfront ownership may involve additional expenses and maintenance.

Depending on the property, buyers may need to budget for the maintenance and eventual replacement of:

• Seawalls
• Docks
• Boat lifts
• Pilings
• Waterfront landscaping
• Irrigation systems
• Pools and outdoor entertainment areas

Before purchasing, it is important to understand the age and condition of these improvements. Replacing or repairing waterfront infrastructure can be a substantial investment.

4. Luxury Homes Require Specialized Maintenance

A larger, more sophisticated home typically comes with more systems to maintain. The true cost of ownership may include regular service for:

• Multiple air-conditioning systems
• Swimming pools and spas
• Generators
• Elevators
• Smart-home technology
• Security and surveillance systems
• Water treatment systems
• Extensive landscaping and outdoor lighting

For a luxury estate, it may also be appropriate to budget for a property manager, housekeeper, pool service or landscaping team.

5. The Inspection Should Go Beyond the Basics

A standard home inspection is important, but a luxury property may warrant additional specialists. Buyers may want specialied inspections of the roof, pool, dock, seawall, elevator, generator, HVAC systems, plumbing, electrical systems and smart-home equipment. Waterfront properties may require particularly careful evaluation of marine structures and drainage.

6. Condominium Buyers Need to Look Beyond Monthly Fees

For luxury condominium buyers, the monthly association fee is only part of the equation. Buyers should carefully review the building’s financial condition, reserves, planned maintenance and any pending or potential special assessments.

7. Climate Resilience Can Affect Both Cost and Value

Today’s South Florida luxury buyer is increasingly focused on how a home is built and protected. Features such as impact glass, a newer roof, a whole-house generator, appropriate drainage and modern construction standards can affect not only day-to-day peace of mind but potentially insurance availability, maintenance costs and future marketability.

The Bottom Line

The right luxury home should enhance your lifestyle—not create unexpected financial surprises.In South Florida’s luxury market, knowledge is a valuable asset. The more thoroughly you understand a property before you buy, the more confidently you can make a decision—and the better prepared you will be to enjoy the exceptional lifestyle that luxury homeownership can offer.

Thinking about buying a luxury home in South Florida? Before you make an offer, let us help you evaluate not only the home itself, but also the factors that can affect its long-term cost, value and enjoyment.

Filed under: 4 Point Inspection, Blog, Boca Raton real estate, CEBA, EBA, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Flood Insurance, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, home automation, Home Buyer Advice, Home Buyers, home Inspections, Home Maintenance, home safety, Homebuyer Advice, Homeowners Insurance, House Closings, Insurance Claims, International Home Buyers, International investors, Mortgage Information, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, second home, smart home, South Florida Real Estate, Termites, vacation home, WDO Inspection by Kim Bregman
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One of the biggest decisions homebuyers face is whether to purchase a brand-new build or an existing home. Each path offers distinct financial, lifestyle, and logistical trade-offs, and the right choice depends on your timeline, budget, and long-term priorities.

New Construction Homes

The Pros

• Everything is brand new: From the roof and HVAC system to appliances and flooring, new builds require minimal maintenance during the first several years.
• Modern energy efficiency: Newer homes adhere to updated building codes and incorporate modern insulation, high-efficiency windows, and advanced HVAC systems, which can significantly lower monthly utility bills.
• Personalization and customization: Depending on when you purchase during the construction phase, you can often select your floor plan, finishes, cabinetry, countertops, and tech integrations before moving in.
• Builder warranties: Most builders offer structured warranties (often covering cosmetic defects for 1-year, mechanical systems for 2 years, and structural elements for up to 10 years), providing extra peace of mind.
• Financial incentives: Builders frequently partner with preferred lenders to offer rate buy-downs, closing cost credits, or design-center allowances that reduce upfront cash needs.
• Lower initial insurance premiums. Homeowners insurance is generally lower for new builds because all structural elements, roofing, plumbing, and electrical systems are brand-new and built to modern safety and building codes.

The Cons

• Higher price per square foot: New homes usually command a premium over comparable existing homes in the same general area.
• Upgrade costs add up: Model homes feature high-end finishes that aren’t included in the base price. Essential items like window blinds, pools, fencing, and fixtures often have to be paid for out-of-pocket after closing.
• Construction delays & uncertain timelines: Supply chain bottlenecks, weather, or labor shortages can push back your completion date, making it tricky to align lease endings or existing home sales.
• Developing surroundings: You may live in an active construction zone for month, complete with heavy machinery, dust, immature landscaping and a period without amenities.
• Construction phase coverage needs. If you build custom or purchase early in the build process, standard homeowners’ insurance won’t apply until completion, requiring specialized builder’s risk policies during construction.
• Uncertain initial property taxes and HO fees: Property taxes on new builds are initially assessed on the unimproved land value and will increase significantly once the home is fully built and reassessed.  HOA costs ae covered by the developer until such time as it transitions to the Homeowners Association.  Decisions made by the HOA can increase the fees over time.

Existing Homes

The Pros

• Established locations and character: Existing homes are often situated in mature neighborhoods with tree-lined streets, established school districts, and closer proximity to urban centers, dining, and shopping.
• Immediate move-in: Once your mortgage is cleared and escrow closes—typically in 30 to 45 days—you can move right in without construction delays.
• Larger lots and architectural variety: Older neighborhoods frequently offer larger lot sizes, setback distances, and distinct architectural features compared to uniform modern subdivisions.
• Greater negotiation power: Unlike builders who resist lowering base prices to protect neighborhood appraisal values, individual sellers may negotiate on price, request repairs, or grant seller concessions.
• Established claims & risk history. Existing properties have clear, predictable history and records that allow insurance carriers to assess baseline risk quickly.

The Cons

• Maintenance and deferred repairs: Major systems like the roof, plumbing, electrical, or HVAC may be near the end of their lifespan, requiring short-term capital outlay.
• Higher ongoing energy costs: Older insulation, windows, and aged appliances can lead to higher utility bills.
• Costly renovations: Modernizing a floor plan, opening walls, or updating kitchens and baths requires significant time, budget, and oversight.
• Higher premiums & insurability challenges. Older roofs, outdated wiring (like knob-and-tube or aluminum), galvanized plumbing, or aged heating systems can make premiums significantly higher—or require costly mandatory repairs before a carrier agrees to issue coverage.

To narrow down your decision, consider where you fall on these core priorities:

Filed under: Blog, Boca Raton real estate, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Relocation, Retirement, second home, South Florida Real Estate, Uncategorized, vacation home by Kim Bregman
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Buying a home in South Florida means preparing for more than sunshine and coastal living. It also means understanding one of the region’s most important—and often misunderstood—aspects of homeownership: property insurance.

Unlike many parts of the country, protecting a home here often requires two separate types of coverage—windstorm insurance and flood insurance. Understanding how they work together can help you avoid costly surprises and better protect your investment.

1. The Golden Rule: Wind and Flood Are Not the Same

The single most critical concept to grasp in South Florida is the legal and practical distinction between wind damage and flood damage. They require separate policies.

• Standard Homeowners Insurance (HO3/HO6): Typically covers the dwelling, personal property, liability, fire, theft, and certain types of water damage (such as a burst pipe). In Florida, it may or may not include windstorm coverage depending on your proximity to the coast.
• Windstorm Insurance: Covers damage caused specifically by wind, hail, and flying debris during a severe storm or named hurricane. Think of a roof being lifted off or a tree blowing through a window.
• Flood Insurance: Covers rising water from the ground up. If a storm surge pushes seawater into your living room, or heavy tropical rains cause a nearby canal to overflow into your yard, only flood insurance will cover the damage.

Why The Distinction Matters: If a hurricane rolls through and your home suffers water damage, an insurance adjuster will meticulously investigate whether the water came from above (wind tore off shingles, letting rain in—Wind Coverage) or from below (rising street water—Flood Coverage). Having both policies eliminates the risk of not having coverage for potential storm damage.

2. Crucial Considerations for Homebuyers

If you are currently shopping for a home in South Florida, insurance should be at the top of your due diligence checklist.

Know Your Flood Zone (Risk Rating 2.0)

FEMA recently updated its rating system, known as Risk Rating 2.0. Instead of just looking at broad flood zone maps (like Zone X vs. Zone AE), insurance premiums are now calculated based on individualized property risks. This includes a home’s exact foundation type, its elevation relative to the nearest water source, and the actual cost to rebuild.

Request a Wind Mitigation Inspection

Before closing, always hire a licensed inspector to perform a Wind Mitigation Inspection. This report checks how well a home is built to withstand strong winds. It looks at:

• Roof shape (Hip roofs get the biggest discounts).
• Roof-to-wall connections (clips, wraps, or structural ties).
• The age of the roof covering.
• Whether all openings (windows, doors, garage doors) have certified impact protection.

A favorable wind mitigation report can significantly reduce your windstorm insurance premium.

3. Crucial Realities for Older Homes

Current building code requires standards that insurance companies favor and will deeply discount for.  Homes with older roofs, unprotected openings, or outdated construction features may be more difficult or expensive to insure. Because lenders require adequate insurance coverage, these issues can also complicate financing.

Understand Your Hurricane Deductible

Unlike a standard home insurance policy that features a flat deductible (e.g., $1,000 or $2,500), windstorm policies in South Florida typically utilize a percentage deductible for named hurricanes. This is usually 2%, 5%, or 10% of the home’s total insured structural value, not the loss amount.

This means if a hurricane causes damage, you are responsible for repair costs up to your hurricane deductible before insurance coverage begins. Homeowners must ensure they have this liquid cash set aside in an emergency fund.

Key Takeaways

Whether you’re buying your first South Florida home or have owned one for years, a few proactive steps can help protect both your property and your finances:

• Obtain insurance quotes early in the home-buying process.
• Verify the property’s flood risk and understand whether separate flood insurance is needed.
• Request a wind mitigation inspection before closing.
• Pay close attention to the age and condition of the roof and hurricane protection features.
• Review your homeowners, windstorm, and flood insurance coverage annually.
• Keep enough savings on hand to cover your hurricane deductible if a major storm occurs.

Understanding your risks before hurricane season—and before closing on a home—is one of the smartest investments you can make.

Protecting a South Florida home begins long before hurricane season. Understanding your flood risk, maintaining adequate wind coverage, and investing in proven mitigation features can save thousands of dollars while providing greater peace of mind. A little planning today can make all the difference when the next storm arrives.

Filed under: Blog, Boca Raton real estate, EBA, First Time Homebuyers, Flood Insurance, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, home Inspections, home safety, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Mortgage Information, new home construction, real estate news, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Interior Design, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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Florida Consumer Sentiment Climbs Again

Economic sentiment rose 3.1 points to 84.1 in June, with all five index components improving. The biggest gains were in views of personal finances.

Two New Property Insurers Approved

Two more property insurers have been approved to operate in Florida, bringing the total to 14 since recent reforms. Officials say the market is stabilizing.

Florida Sees Surge in Commercial Real Estate

Fueled by population gains, tax advantages and a strong economy, commercial real estate investment is rising across the state, experts say.

Florida Leads in International Home Sales

International buyers purchased 78,100 U.S. homes over 12 months, reflecting a 33.2% jump from the year before and the first increase since 2017.

Luxury Market Stronger Than Ever

Industry leaders say the high-end market, particularly for homes priced above $10M, is continuing to gain strength, with all-cash deals the norm.

Florida Sees Shift in New-Home Prices

Florida is among the top states seeing new construction price declines, creating potential opportunities for buyers as builders adjust to market conditions.

Florida Ranks High Among 2025 Movers

Florida continues to attract new residents, particularly Baby Boomers, in 2025, thanks to warm weather, no income tax and affordability.

Mortgage Giants to Count Crypto as Asset

Homebuyers may soon be able to use crypto as part of their mortgage qualifications, under a new order for federally backed loan programs.

Insurance Reforms Stabilizing Florida Market

A Florida consumer group says recent reforms have reduced litigation, lowered Citizens’ policies and attracted new insurers, helping stabilize the market.

Rate, Home Price Growth Forecasts Lowered

Fannie Mae now sees slower home price growth and slightly lower mortgage rates through 2026, with modest gains expected in overall home sales.

U.S. Home Prices Down 0.2% in May

The FHFA said prices are up 2.8% from last year across the United States. In the South Atlantic census division, which includes Florida, home prices increased 1.4%.

U.S. Consumer Confidence Improves in July

Americans remain concerned about tariffs, but confidence rose two points to 97.2 in July, up from 95.2 the previous month.

Filed under: Blog, Boca Raton real estate, COVID-19, Exclusive Buyer Agency, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyers, Home Maintenance, Homebuyer Advice, Interior Design, Real Estate Closings, Refinancing by Kim Bregman
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It’s important to understand when buying new construction,  that the builder’s agent is primarily focused on securing the best deal for the builder, often at the expense of the homebuyer. Their role is to persuade you to purchase their homes at the highest price with minimal concessions. In contrast, as your Exclusive Buyer Agent, Optima Properties is dedicated to leveling the playing field.

Our mission is to advocate for your best interests, ensuring that you receive the best possible terms for your home purchase. We are here to negotiate on your behalf, providing you with the knowledge and strategies necessary to navigate this complex process with confidence. While the builder’s agent is legally bound to represent the builder, we prioritize your needs and work tirelessly to make your home buying experience smooth and enjoyable.

Benefits of Using an Exclusive Buyer Agent for New Construction:

1.  Compare and evaluate builders’ reputations and history of their construction quality and service
2. Help you compare and evaluate advantages and disadvantages of new construction homes vs. resale homes
3. Provide information about the community and compare and contrast with other new construction communities
4. Help buyer evaluate which options should be done by the developer during construction and which are more affordable to be done by an outside vendor post-closing.
5. Assist with design and structural selections that will optimize future resale value and livability.
6. Assist buyer evaluate the selection of a building lot and options. Lot location and certain options have a direct correlation to resale value.
7. Truly negotiate on behalf of the buyer. Many builders are offering “free” options and upgrades, but some are also making additional price concessions.
8. Review the Agreement of Sale (PA) prior to buyer signing. This is not a legal review (only an attorney can do that), but an experienced agent will be able to spot terms and conditions that are atypical and of potential concern to the buyer. The agent may then be able to negotiate terms and conditions that are more favorable to the buyer but still acceptable to the builder. Keep in mind most new construction contracts are written by attorneys that represent the developer and these contracts are therefore heavily weighted in favor of the builder.
9. Recommend a real estate attorney for final contract, title commitment and to hold your escrow funds.
10. A buyer’s agent serves as an extra set of ears as a witness at court or arbitration – When the builders sales representative is familiar with all rules, features and prices and it’s all new to buyer – it is good to have experienced person on buyer’s side listening with buyer and taking notes, a lot of information is verbalized in short period of time.
11. Attend the signing of the Agreement of Sale
12. Assist with the buyer’s financing and review financing paperwork. This is especially important if the builder is tying “free” options and upgrades to the use of a builder-affiliated lender.
13. Check on the property during construction and keep a photo record at different stages.
14. Be your leverage with the builder as problems arise during construction
15. Keep everything in writing – Sometimes even the very nicest builder makes verbal promises that later become a point of contention. An experienced buyer’s agent is conditioned and trained to “put it in writing” even though at the time it doesn’t seem necessary.
16. Arrange for a final inspection with a license building inspector and generate a “punch list” to be completed before final closing.
17. Document and help resolve any issues with construction, financing, title, etc. throughout the process.
18. Attend a pre-settlement walkthrough with the buyer to make sure that all items are satisfactorily completed or that a proper punch list is established to assure completion after settlement
19. Obtain and review a preliminary HUD-1 settlement statement to be sure it is accurate and advise the buyer of the amount needed for settlement.
20. Assist buyer with utilities, insurance, security and HOA requirements, decorators, service professionals, schools, et. al.
21. Attend final walk-through and settlement with the buyer.
22. A buyer’s agent will be there even after the home closes. It is routine for issues to arise during the first year of a new home. Site agents tend to forget a buyer’s name after the contract is signed.

But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your home buying journey.

Filed under: Blog, Boca Raton real estate, contracts, COVID-19, Down Sizing, EBA, Energy efficient homes, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HELOC deductions, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, Interior Design, Mortgage Interest Deductions, new home construction, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Refinancing, Relocation, second home, South Florida Real Estate, Tax deductions by Kim Bregman
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Tariffs, particularly on building materials like lumber, steel, and appliances, are expected to increase construction costs and potentially lead to higher home prices, impacting both new home construction and renovations.

Redfin reported that instability caused by the new tariffs will almost certainly cause volatility in mortgage rates and make the path of rate cuts from the Federal Reserve (previously forecasted as two or three 25-basis point reductions) more uncertain. Short-term economic damage is also expected to push up unemployment and inflation.

Chen Zhao, who leads the Redfin economic team, said that the odds of a recession in the next 12 months rose from 15% at the start of 2025 to 40% after the latest tariffs.

Tariffs are causing:

·      Increased Construction Costs:

Tariffs on imported building materials, such as lumber, steel, and appliances, are expected to drive up the cost of these materials, leading to higher construction costs.

·      Higher Home Prices:

The increased construction costs are likely to be passed on to consumers in the form of higher home prices, making it more difficult for potential buyers to afford homes.

·      Impact on Homebuilders:

Homebuilders are facing the challenge of rising material costs, which could lead to reduced profit margins or even delays in construction projects.

·      Supply Chain Disruptions:

Tariffs could disrupt the supply chains for building materials, potentially leading to shortages and further price increases.

Affordability Concerns:

The combination of rising home prices and mortgage rates could exacerbate affordability concerns for potential homebuyers, especially those in the middle-class.

·      Renovation Costs:

Tariffs could also impact the cost of home renovations, as imported materials and fixtures become more expensive.

• The National Association of Home Builders estimates that the cost of building materials has already risen by 34% since December 2020, far higher than the rate of inflation.
• Builders estimate a typical cost effect from recent tariff actions at $9,200 per home.
• Some experts predict that household fixtures, such as appliances, lighting, and cabinetry, could increase 10-20%.

That larger economic picture might be the biggest indirect threat to housing, as consumers pull back from big decisions like buying or selling homes. Overall, annual home sales have failed to recapture a significant post-pandemic reduction, which was characterized by some economists as a “housing recession.”

But economists have also largely attributed the relative resilience of the housing markets over the last couple years to a strong labor market. A recession with a significant uptick in unemployment would certainly have a major impact on housing.

Filed under: Blog, contracts, COVID-19, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HELOC deductions, Home Buyer Advice, Home Buyers, home Inspections, Homebuyer Advice, Mortgage Interest Deductions, new home construction, Real Estate, real estate news, Real estate trends, South Florida Real Estate, Tarrifs by Kim Bregman
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Homeownership comes with several tax benefits that can help reduce your federal income tax bill. Some of the key 2024 homeowner tax advantages( deductions and credits) available to homeowners include:

1. Mortgage Interest Deduction – You can deduct interest paid on your mortgage for your primary residence (and sometimes a second home) up to a limit ($750,000 for loans taken after Dec. 15, 2017; $1 million for older loans). Roby Online Casino has emerged as a popular destination for gamers seeking a thrilling online gambling experience. With a sleek interface and a variety of games, including slots, table games, and live dealer options, Roby has something for everyone. Players can enjoy a generous welcome bonus and numerous promotional offers that enhance their gaming experience. One standout feature is the casino’s commitment to user safety and security, ensuring that player data and transactions are protected. The website is also mobile-friendly, allowing users to enjoy their favorite games on the go. For more details about games, bonuses, and payment options, you can visit https://robycasinologin.com/. Overall, Roby Online Casino combines entertainment with security, making it a great choice for both new and seasoned players alike. Explore the exciting world of online gaming today!

   You will find a summary of your mortgage interest payments on Form 1098, which lenders send out around the end of January.

2. Property Tax Deduction – You can deduct up to $10,000 ($5,000 if married filing separately) in state and local taxes (SALT), which includes property taxes.

   Those who take advantage of the SALT deduction have to choose between income and sales tax – you can’t deduct both.

3. Mortgage Points Deduction – If you paid discount points to lower your mortgage interest rate when purchasing or refinancing, you may be able to deduct them.

4. Home Office Deduction – If you use part of your home exclusively for business, you may qualify for a home office deduction.

5. Energy-Efficient Home Credits – Homeowners who install energy-efficient improvements (like solar panels, insulation, or energy-efficient windows) may qualify for tax credits.  If you’ve installed new energy equipment to your home like solar panels, you may be eligible for the Residential Clean Energy Credit. That credit is worth 30% of the costs of new, qualified clean energy property that’s installed anytime from 2022 through 2032. There’s also the Energy Efficient Home Improvement Credit which covers upgrades that reduce home energy use. Improvements like insulation, central air conditioners and exterior doors may qualify. It’s a 30% credit up to $1,200 for changes made between 2023 and 2032.There’s even a credit available for installing electric vehicle recharging equipment at your home. The federal tax credit for EV chargers is worth 30% of the costs of the qualifying equipment, up to $1,000 per charging port.

6. Capital Gains Exclusion – If you sell your primary home, you can exclude up to $250,000 in gains ($500,000 for married couples) from taxable income, as long as you meet ownership and use requirements.

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8. Necessary Home Improvements – According to the IRS, an improvement must add to the value of your home, prolong its useful life or adapt it to new uses.  Generally, capital improvement expenses are depreciated over time, meaning the full cost of the change is divided by its useful life, and that’s the amount you can deduct in a given year.

This article should not be construed as professional tax advice. You need to consult with your professional tax advisor before filing your return.

Filed under: Blog, closing costs, Energy efficiency, Energy efficient homes, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HELOC deductions, Home Buyer Advice, Home decorating, Homebuyer Advice, Mortgage Interest Deductions, new home construction, Real Estate Investment, Tax deductions by Kim Bregman
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