Benefits of Buying a Home in Boca Raton
Boca Raton in Florida is one of the few places that people want to move to when they are looking for ways to improve their quality of life. With many states and cities being hardly affordable due to multiple reasons, this part of Florida offers first time home buyers as well as investors an opportunity to test water in real estate and live the high life. After all, Boca Raton has many things that residents boast about – fine weather, diversity, and above all growing economy. With that in mind, it’s time to pen down some of the benefits of buying a house here.
Boca Raton Real Estate – Shopping Hub
If you are into buying homes for sale in Boca Raton, you will notice that this city has a huge collection of shopping centers for people of all ages, ethnicity and places. It has in fact one of the favorite spots for high-end shopping. Some of these centers offer activities to spend time fruitfully. Many shopping centers including Boca Town Center come with parks, restaurants and theaters. There are entertainment venues and museums that cater to residents and tourists from all over the world. Being the hub of all these activities is one of the main reasons to buy real estate here.
Boca Raton Real Estate – Upscale Neighborhoods
No other place in south-east Florida is more appealing than Boca Raton’s neighborhoods. The city has a reputation for beautiful suburban streets that connect golf courses, parks and beaches. Having excellent schools, clean streets and upscale homes for sale in Boca Raton makes it well-positioned to attract families and retirees. These neighborhoods are conveniently located near bakeries, restaurants and malls. In essence, Boca Raton has everything for a community living without a doubt. To top it off, houses are at a reasonable rate as well so buying a home is the first thing in the minds of people moving into this city.
Boca Raton Real Estate – Tax Savings
There is no place that offers affordability and tax advantage at the same time like Boca Raton does. This place is frequently mentioned by real estate advisers when investors are looking for tax saving strategies while buying homes for sale in Boca Raton. One can avail tax benefits in various ways in this place. For example, the state of Florida doesn’t have individual income tax. This is a boon for those people planning to become Florida residents and grow wealth. In fact, moving from a state that collect high income tax such as California and New York can save wealthy individuals millions of dollars. Other states that do not impose income tax include but not limited to Texas, Nevada, Alaska, and Wyoming. In addition, Florida’s Constitution has amendments that makes it impossible to impose state tax anytime soon, so the benefits are for the long haul. Coupled with temperate weather and scenic beauties, it provides an ideal situation to settle down and call it a home. There is no death or estate tax in this state as well. This can be a big deal for investors with millions of dollars invested in rental and commercial properties in Boca Raton. Until 2005, the state of Florida used to collect estate tax in the form of “pick up tax“. After 2005, the federal government phased out this tax and made the state favorable to would-be residents and investors. Today, the law prohibits the state government to impose such taxes in the near future.
Investing in real estate in Boca Raton has many other advantages as well. The place offers a number of asset protection benefits to home owners. With this protection, home owners will not lose their asset to lawsuits and creditors. Some of the protection offered by the state of Florida include homestead creditor protection. cash value of life insurance protection, tenancy by the entirety for real estate, tenancy by the entirety for personal property, protection for IRAs, protection for other retirement investments, protection of assets held in business entity and so on. In addition to this, there are property tax benefits for primary residences. If you are buying a home in Boca Raton and call it your primary residence, then apart from the asset protection mentioned above, you will get to avail property tax benefits as well. For instance, the homeowner will receive an exemption for the first $50,000 of the collective value of the property. This rules excludes school district taxes where the value of exemption is $25,000. The more years you own the property, there is a cap on annual assessments which makes your property tax decrease or stay constant after a particular year.
With all these information it is now time to find a reliable realtor in Boca Raton. A good, knowledgeable realtor in Boca Raton will guide you through the process of purchasing a property within your time-frame and budget. Contact us today!