If the idea of buying a condo in Tampa, FL and saving a fortune sounds like a sales pitch from a late night infomercial then you are wise to be skeptical – but keep reading because depending upon where you currently reside, buying Tampa real estate could very well save you a small fortune. Learn how to make the most from your earnings, save on taxes and protect your assets by investing in real estate in Tampa Bay.
Florida doesn’t have a state income tax. If you currently live in a state with high taxes like California, then switching your primary residence to Florida can save over 10 percent annually right off the top of your earnings. Combined with a lower cost of living, new homes and historically low interest rates; buying a condo in Tampa could easily save you thousands of dollars annually just on the state income taxes alone!
Homestead exemption. Florida offers an attractive homestead exemption for owner occupied properties including condos. Additionally, future property tax increases are capped for as long as you continue to own your property and use it as your primary residence. There are additional property tax exemptions available for the elderly and disabled.
Bankruptcy protection. Unlike many states, Florida allows home owners to keep their primary residence even when filing bankruptcy. Should a financial crisis take place, it is good to have the peace of mind in knowing your home is safe for you and your family.
Future appreciation. Florida is growing at one of the most rapid rates in the nation and with good reason; the natural beauty, tax benefits and employment opportunities make it a highly desirable destination for young and old alike. Unlike many parts of the nation which continue to experience a decline in population, the Tampa area has continued to grow even during the recent downturn.
Still a good time to buy. Tampa condos have dropped from their high and are now available for competitive prices. Combined with relatively low interest rates, buying a Florida condo remains a solid investment.
Low maintenance and a great lifestyle. One of the benefits of owning a condo is the low maintenance and great amenities. Experience the best of both worlds with all the amenities a Florida lifestyle has to offer but without the hassle of daily maintenance and upkeep. Condo living provides everything from pool cleaning to a price break on utilities and communications leaving you free to enjoy the sun and fun of living in Florida.