Reali Roundup: Tax Hacks n’ FAQs for First-time Buyers ⛏

The Roundup is upon us! This week we’re reminding new home seekers of all the tax breaks and deductions that can bring their homeownership dreams within reach. Also, Biden’s got some nice designs to help San Diego’s housing shortage so we’re breaking that down, too. Let’s do this.

Cheat Codes for First Time Home Buyers

For many first time buyers, affording the perfect place might seem a bit daunting these days, what with all the scary talk about bidding wars, waived inspection clauses, and the like. But there are actually a number of hacks in the form of tax breaks and deductions that can be factored into your bottom line to even the odds and keep you competitive.

If you find yourself on the bubble, or even facing a home with multiple offers, keep in mind that property tax, mortgage interest, and any points you pay on it, are usually tax deductible. Check out the link for the full list below and consult a tax professional. And when you’re ready to to chat with a real estate pro, we’re here for you!

Biden Aims to Breathe New Life into San Diego County

Speaking of tax credits, the Biden Administration is proposing housing tax credits to rehab older homes in our own sunny San Diego. Known as the Neighborhood Homes Investment Act, the legislation would be applicable to revitalizing San Ysidro, National City and parts of East San Diego and El Cajon.

It would see homeowners partner up with an investor to pay for home repairs through a loan. Once that’s done and the owner’s moved back in, the credit would cover 35% of the costs, which must be at least $20,000. Though it’s ultimate fate is uncertain (like everything coming out of DC), the bill has bipartisan support, giving it better odds of making it to the president’s desk.